The Oahu real estate market experienced notable changes in several districts. Dive into the market changes below!
The monthly median sales price for both single-family homes and condos on Oahu fell 4.5% compared to this same time last year according to the numbers released by the Honolulu Board REALTORS®. HBR also reported that while the number of sales and median sales prices have dipped compared to last year, the pace of sales remains relatively quick. The majority of homes on the market went under contract in just over two weeks. Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS® stated, “market headwinds that persist are low inventory and shifting affordability as average mortgage rates remain elevated from recent years.”
Sales for single-family homes are down by 30.5% when compared to this time last year, with 248 sales in June 2023. Homes were on the market for an average of 16 days in June, down sightly from the previous month. The median sales price for single family homes was $1,050,000 in June 2023, representing a decrease of 4.5% compared to this time last year.
There were 470 condos sold last month, which is down by 24.9% when compared to June 2022. The average days on the market for condos was 18 days last month. Down just one day from the month prior. The median sales price for condos in June 2023 was $510,000, representing a decrease of 4.5% when compared to last June.