Oahu Real Estate Market Report for June 2023

The first half of 2023 has drawn down, bringing with it a slight downward trend in sales year-over-year. Still, the housing market remains dynamic with most properties entering contracts in a bit over two weeks, despite declining contract signings as average mortgage rates rose higher. While the second quarter 2023 saw double-digit sales growth in both single-family homes and condos when compared to the first quarter, sales for the second quarter 2023 and for year-to-date 2023 still lagged by about a third compared to the same periods in 2022

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Oahu Single-Family Homes | Market Stats

The monthly median sales price for Single-Family Homes in June 2023 fell by 4.5% year-over-year, down to $1,050,000. There seem to be indications of a plateau in pricing, with a year-over-year decline of 30.5% in closed sales for June 2023, or 248 sales in total for the month. Similarly, pending sales sale declines during June 2023, down 24.3% compared to June 2022, and down 10.5% compared to May 2023. 

Homes spent a median of 17 days on the market during June 2023, an increase of 70% compared to June 2022. For the first six months of 2023 as a whole, around 26% of sales closed over the original asking price - down from approximately 61% of sales closed over asking price during the same period last year. 

The Oahu single-family home market ended the month of June with 605 active single-family homes, an increase of 14.8% in active inventory compared to June 2022.

Oahu Condos | Market Stats

The monthly median sales price for Oahu Condos in June 2023 fell by 4.5% year-over-year, down to $510,000. There seem to be indications of a plateau in pricing similar to the single-family home market, but less pronounced, with a year-over-year decline of 24.9% in closed sales for June 2023, or 470 closed condo sales in total for the month. Similarly, pending sales sale declines during June 2023, down 17.2% compared to June 2022, and down 18.1% compared to May 2023. 

Condos spent a median of 18 days on the market during June 2023, an increase of 63.6% compared to June 2022. For the first six months of 2023 as a whole, around 21% of sales closed over the original asking price - down from approximately 43% of condo sales closed over asking price during the same period last year. 

The Oahu condo market ended the month of June with 1,159 active condo listings, an increase of 16.1% in active inventory compared to June 2022.

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