Oahu
Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."
July's insights are in and we saw an increase in median prices on Maui, Kauai, and the Big Island of Hawaii, while Oahu's figures remain stable. However, transactions across the board have experienced a dip across the state.
How does Hawaii stack up on a national scale? It closely mirrors the broader trend. The National Association of REALTORS® (NAR) reveals a 3.3% month-over-month decline in nationwide existing-home sales. This decline can be attributed to the gradual rise in mortgage rates, inching toward 7% in recent months. Consequently, prospective buyers have temporarily shelved their home-buying plans, while existing homeowners hesitate to list their properties, concerned about relinquishing the appealing low-rate mortgages secured a few years back when rates were substantially lower.
Our comprehensive monthly housing market reports aggregate resale data from credible sources such as Hawaii Information Service, HiCentral MLS, Ltd., and REALTORS® Association of Maui. For those interested in pre-sale homes that are yet to be constructed, our Hawaii New Homes Report would better fit your needs.
In Oahu's real estate market, both single-family homes and condos faced sales declines, attributed to elevated borrowing costs dampening summer buying activity. Single-family home sales retreated by 28.2%, while condos experienced an 18.5% drop compared to the same period last year. Remarkably, properties that changed hands in July stayed on the market for a median of 16 days. This reflects a slight increase from the previous year, where single-family homes spent a median of 11 days on the market and condos were available for around 12 days.
Oahu's property market experienced a decline of 28.8% YoY in new listings for single-family homes, but active inventory remained relatively steady, growing by a modest 2.6%. Despite fewer contract signings than the previous year, single-family homes saw a 6.9% MoM increase in July 2023, with 247 pending sales. Notably, Ewa Plain, Waipahu, and Pearl City stood out with growth rates of 18.5%, 18.8%, and 13.3% respectively.
In the condo market, median condo sales prices held steady at $500,000. 47% of sales achieved or exceeded the asking price, a slight decline from July 2022's 60%. Condo new listings dropped by 15.4% YoY, yet active listings grew by 9.9%. Despite a decline in YoY signings, July 2023 showed a 1.4% MoM rise with 421 pending sales. Notably, the Leeward region excelled with an impressive 92.3% YoY surge in contract signings, while Ewa Plain condos maintained stability YoY but surged by 38.2% from June to July.
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By registering, you agree to our Privacy Policy.On Maui, single-family homes saw a 1.3% dip in new listings, while condos experienced an 18.7% decline. Similarly, pending sales slipped by 20.3% for single-family homes and 18.7% for condos. Both property types saw a reduction in inventory, with single-family homes experiencing a 9.6% decrease and condos a drop of 8.8%.
The median sales price rose 8.4% to reach $1,192,500 for single-family homes and 7.7% to $850,000 for condos. Furthermore, days on market increased 17.3% for single-family homes and 27.6% for condos. Regarding inventory, notable growth was observed in months supply, with a 32.3% increase for single-family homes and a significant 64.7% rise for condos.
Hawaii Island's real estate market recorded a sales volume of $121,852,459, with significant contributions from North Kona, South Kohala, and Puna, with Puna boasting the highest transaction count. Notably, single-family home days on the market varied, with South Hilo averaging 28 days, while Hamakua and Kau exceeded 100 days on average.
Switching to the condo market, total sales amassed $50,020,900, with North Kona contributing over half of that volume, while the remaining portion comprised high-value acquisitions in South Kohala. Remarkably, the median condo price on the Big Island surged by 21.1% from the previous year. However, despite this price hike, the total transaction volume experienced a decline of over 30% compared to the previous year.
Kauai's real estate sector displayed consistent growth, with both single-family and condo median prices witnessing an impressive nearly 10% increase from the previous year. In contrast, closed sales showed a slight dip of just under 10% compared to the prior year.
Kauai's single-family home market recorded $39,103,062 in sales, comprising a total of 15 transactions. Days on the market fluctuated due to limited closed sales. For instance, Koloa and Lihue displayed an average of only 7 days on the market, while Kawaihau, with 4 sold properties in July, demonstrated an average of 268 days on the market.
In the condo market, Kauai registered a transaction count of 24, marking a decrease of 6 from the prior month and the preceding year. The majority of the sold condos found their niche in Koloa, located in south Kauai. The total transaction volume amounted to $26,967,023, a drop from the $33,362,100 recorded last year. Notably, Hanalei emerged with 4 condos sold in July, boasting an impressive average of only 3 days on the market. Conversely, condos in Koloa and Kawaihau took 97 and 93 days respectively to find buyers.
