Oahu Real Estate Market Report for August 2023

Sales are down from last year, as was to be expected, but it seems we have leveled out on prices. Additionally, the number of sales over the last few months has increased in some price segments. Our price pullback already happened. We are basically going sideways now and are flat on price. The market has made it's interest rate adjustment and we will perform moving forward based on what interest rates do.

Rates jumped up some about a month ago so I expect our sales numbers to slow a bit over the next month or two, especially since we are getting out of the summer months. If rates drop, expect activity to pick up.

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Oahu Single-Family Homes | Market Stats

The median sales price for Single-Family Homes decreased by 1.4% year-over-year, down to $1,110,000 compared to August 2022. On the year-to-date side, the median sales price is $1,050,000 - down 5.7% compared to the same time last year.

While sales have decreased by 19.7% for homes year-over-year, month-over-month sales have increased by 12.5% compared to July 2023. The sales volume in the segment of $600,000 to $899,999 increased by 13.1% year-over-year, with eight more sales than August 2023. 

Homes spent a median of 18 days on the market for the month of August, up from 13 days during the same month last year. The slowest region was Leeward, with a median of 50 days on the market. Month-over-month contract signings rose 8.1% compared to July,  

The price range of $799,999 and below saw the largest rise in inventory, up 33.8% from a year ago. The largest year-over-year increase in inventory occured in the Kane'ohe region (up 52.9%) and Leeward region (up 16.7%). 

Oahu Condos | Market Stats

The median sales price for Oahu Condos rose 3.3% compared to August 2022, up to $515,000. On the year-to-date side, the median sales price is $502,000 - a slight 1.6% down from last year. Contract signings for Condos during August 2023 rose 1% when compared to July 2023.  

During the month of August 2023, Condos on Oahu spent a median 18 days on the market - about 5 days slower when compared to August 2022. The slowest sales happened in the Waipahu region at 41 days. 

Sales for Condos on Oahu for August 2023 are down about 16.9% compared to the prior year, but have remained consistent when compared month-over-month to July's sales. Listings in the $300,000 to $699,999 range rose about 20.7% compared to last August. 

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