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In June 2023, Oahu homes are selling faster, even as the number of sales decreases
By Malia L. Meenderman
As per the latest data shared today by the Honolulu Board of REALTORS®, the median sales prices for both single-family homes and condos experienced a year-over-year decrease of 4.5%. In June, the monthly median sales price for single-family homes stood at $1,050,000, while condos were priced at $510,000. The sales of single-family homes declined by 30.5%, and condo sales saw a decrease of 24.9% compared to the corresponding period last year. Despite these changes, the real estate market maintained its brisk pace, with most properties going under contract in just over two weeks. According to the analysis by the Honolulu real estate board, using data collected from its computerized Multiple Listing Service (MLS) system, the Oahu island housing supply and statistics are:
| Number of Oahu home sales |
This Month Compared To |
Median* home sales price Oahu |
This Month Compared To |
|
| Jun 2023 | 248 | $1,050,000 | ||
| Jun 2022 | 357 | -30.5% | $1,100,000 | -4.5% |
| Number of Oahu condo sales |
This Month Compared To |
Median* Sales Price Oahu |
This Month Compared To |
|
| Jun 2023 |
470 | $510,000 | ||
| Jun 2022 | 626 | -24.9% | $534,000 | -4.5% |
*Median price means half the prices were above and half below the given price.
In June 2023, Oahu homes are selling faster, even as the number of sales decreases
The impact of rising average mortgage rates in June 2023 was evident in pending sales, as contract signings decreased both year-over-year and month-over-month in both the single-family home and condo markets. Single-family home pending sales declined by 24.3% year-over-year and 10.5% month-over-month, while the condo market experienced a 17.2% year-over-year and an 18.1% month-over-month slump in pending sales. During the month of June, there were 231 contract signings for single-family homes and 415 for condos.
Despite significant double-digit sales growth in both markets from the first quarter to the second quarter of 2023 (up 28.4% for single-family homes and 27.2% for condos), sales for the second quarter and year-to-date were approximately one-third lower than the same periods the previous year.
In 2023, home prices have stabilized somewhat compared to the rapid rise seen in 2021 and the first half of 2022. The year-to-date median sales price for single-family homes at midyear was $1,050,000, reflecting a 5.5% decrease from the 2022 median price of $1,111,211. The $800,000 to $999,999 price range continued to account for a significant portion of single-family home sales in June 2023 and year-to-date, making up approximately 31% and 29% of sales, respectively. The year-to-date median sales price for condos was $500,000, which was just 2.9% below the year-to-date median of $515,000 in June 2022.
During the first half of the year, 337 single-family homes, approximately 26% of sales, closed for more than the original asking price, a decrease compared to 1,189 single-family homes or 61% of sales over the same period the previous year. Fourteen percent of single-family home sales received the full asking price, which was similar to the 13% figure from the previous year. In the condo market, 502 sales, or 21% of total sales, closed above the original asking price, down from 1,589 condo sales or 43% in the first half of 2022. Condo sales that received the full asking price accounted for 21% year-to-date, compared to 19% the previous year.
At the end of June 2023, there was an increase in active inventory in both the single-family home and condo markets compared to the same time the previous year. Active single-family home inventory stood at 605, marking a 14.8% year-over-year increase, while active condo inventory reached 1,159, representing a 16.1% increase from the previous year. However, when compared to pre-pandemic active inventory levels in 2019, single-family home inventory remained more than 40% lower, and condo inventory was down by more than 30%.
Malia’s comments
“Homes and condos on Oahu are still in high demand despite the higher interest rates. It appears that new listings have slowed in light of the high interest rates.”
Hawaii House statistics real time
You can monitor the daily Honolulu housing market and follow home sales on Oahu with instant statistics, new listings for the day and links to neighborhood statistics and real estate data such as Kakaako neighborhood statistics. Visit it here: Daily Oahu real estate market watch
We also have instant housing statistics for Maui island. Visit it here: Daily Maui real estate market watch. When you click on a neighborhood it brings you to the pricing heat map for that area.
About Malia L. Meenderman
Malia is an award winning real estate broker. Born and raised in Kailua, Oahu, Hawaii.
Speak with Malia : 808-394-8779
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