Oahu Real Estate Market Update: August 2023
Sales for single-family homes are down by 19.7% when compared to this time last year, with 252 sales in August 2023.
The Honolulu Board of REALTORS® reports that closed sales of single-family homes and condos have declined year-over-year, dropping 19.7% and 16.9%.HBR also reported that single-family homes in the $900,000 to $1,199,999 price range experienced the largest decrease in sales volume as well as condos in the price points of $100,000 to $499,999. Compared to a year ago August saw more active inventory of single-family homes in the range of $799,999 and below. Condos experienced an increase in active listings in the $300,000 to $699,999 price range. Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS® stated, “Despite higher interest rates, we notice positive trends emerging from the data, including buying activity starting to pick up month-to-month for single-family homes.”
Sales for single-family homes are down by 19.7% when compared to this time last year, with 252 sales in August 2023. Homes were on the market for an average of 18 days in August, up by two days from the previous month. The median sales price for single-family homes was $1,110,000 in August 2023, representing a decrease of 1.4% compared to this time last year.
There were 422 condos sold last month, which is down by 16.9% when compared to August 2022. The average days on the market for condos was 18 days last month. Two days longer than the month prior. The median sales price for condos in August 2023was $515,000, representing an increase of 3.3% when compared to last August.