Oahu
Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."
The market reports for Oahu, Maui, Kauai, and the Big Island of Hawaii have arrived, giving us a glimpse into the trends of June 2023. But before we delve into the specifics, let's zoom out and examine the broader national real estate market.
The U.S. housing market maintains a steady pace amidst a season that is typically busy. The combination of low inventory and higher borrowing costs has restrained market activity as we enter the summer homebuying season. Recent data from the National Association of REALTORS® (NAR) shows a modest 0.2% increase in national existing-home sales compared to the previous month, yet a significant 20.4% decline from the same time last year. Fluctuating mortgage rates and near-historic lows in inventory levels continue to influence home sales. Nationwide, total housing inventory has grown by 3.8% from the previous month, providing a 3-month's supply at the current sales pace.
It is important to keep in mind that the data provided for both the local and national markets focuses specifically on the resale market. This includes homes or condos that have been previously owned. If your interest lies in exploring brand new homes with no prior ownership, we recommend referring to our New Homes Hawaii Report.
The Honolulu Board of REALTORS® reported a 4.5% year-over-year decrease in the median sales price for both single-family homes and condos in June. Single-family homes had a monthly median sales price of $1,050,000, while condos had a median price of $510,000. Sales for single-family homes dropped by 30.5%, and condo sales fell by 24.9% compared to the same period last year. However, the market remained relatively brisk, with most properties going under contract in just over two weeks.
The single-family home market saw a 24.3% year-over-year decline and a 10.5% month-over-month decline in pending sales. In the condo market, pending sales slumped by 17.2% compared to June 2022 and 18.1% compared to the previous month. In June, 231 single-family homes and 415 condos entered into contracts.
For condos, the median sales price was $510,000 with a year-to-date median sales price of $500,000, just 2.9% below the year-to-date median in June 2022. Active inventory in June 2023 showed increases compared to the previous year, with a 14.8% rise for single-family homes and a 16.1% increase for condos. However, inventory levels remained significantly lower compared to pre-pandemic levels in 2019.
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By registering, you agree to our Privacy Policy.Single-family homes in the market witnessed a notable decline in new listings, with a decrease of 46.2 percent. Additionally, pending sales experienced a modest 6.3 percent decrease. The inventory for single-family homes also saw a decline of 14.6 percent. However, the median sales price recorded a significant drop of 19.6 percent, settling at $1,007,000. Days on market increased by 4.5 percent, while the months supply of inventory grew by 33.3 percent.
In contrast, the market for condominium homes observed a lesser decrease in new listings, with a decline of 25.5 percent. Pending sales for condos, on the other hand, saw a slight increase of 1.2 percent. The inventory for condominium homes decreased by 8.6 percent. Interestingly, the median sales price for condos rose by 21.9 percent, reaching $984,450. However, condos experienced a significant increase in days on market, up by 71.6 percent. Similarly, the months supply of inventory saw a substantial increase of 68.8 percent.
In June 2023, the market for single-family homes witnessed a decrease of over 21% in the total number of sold listings. The region of Puna stood out with the highest number of transactions. However, despite this decline, the overall sales volume only experienced an 8% decrease compared to the previous year. In Hilo, there was a slight increase in the median sales price for single-family homes, reaching $515,000, reflecting an 8.2% rise. Conversely, the median sales price for condos in Hilo was $600,000, indicating a decrease of a little over 2%.
On the other hand, the market for condominiums showed a relatively stable sales volume, with an overall decrease of 8% compared to 2022. In Hilo, condos had a median sales price of $600,000, representing a modest decline of a little over 2% compared to the previous year. Although there was a decline in the number of sold listings, the Hilo market exhibited resilience with a more moderate impact on sales volume and prices for both single-family homes and condos.
In Kauai, the market for single-family homes showcased a notable increase in the median price, reaching $1,125,000, reflecting a 9.5% rise compared to the previous year. During the month of June, a total of 30 single-family homes were sold, with the majority of transactions taking place in the areas of Koloa, Hanalei, and Kawaihau.
Condos in Kauai followed closely behind, with 29 closed sales. However, this marked a significant 52.3% decrease compared to the previous year. The median sales price for condos was nearly half that of single-family homes. Despite the price difference, condos had a relatively quick turnaround time, spending an average of 44 days on the market before being sold.
Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."
Honolulu is the largest city and the capital of the state of Hawaii.
Built in 2007, Moana Pacific has 2 towers with luxury amenities.
Maui is best known for its outdoor adventures and active lifestyle.
A small town with a big heart; and many housing options.
Black sand beaches, active volcanoes, and a lot of driving.
The second-largest town on the Big Island of Hawaii.
"The Garden Isle" is best known for it's natural outdoor beauty.
Lihue is the main port and second-largest town on Kauai.
