July Market Report
O‘ahu Single-Family Home Sales Heat Up in July
Single-family home sales rose 20.1%, while condo sales declined 7.8% year-over-year
July saw year-over-year single-family home sales jump by 20.1%, from 224 to 269, while condo sales declined 7.8%, with 389 sales compared to 422 in July 2023. Compared to one month ago, sales in both markets rose slightly, up 4.3% in the single-family home market and 9.6% in the condo market.
Median sales prices in both markets increased modestly, with the single-family home median sales price reaching $1,140,000 and condos ending the month at $509,000, up by 4.6% and 1.8% respectively. Both the single-family home and condo markets saw a smaller share of sales close above their original asking price. This July, 29% of single-family home sales and 15% of condos closed above their original asking price, compared to 36% and 25%, respectively, in July 2023.
“While year-over-year sales are mixed, we saw activity in both single-family home and condo sales pick up in July, which is typical for this time of year,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Demand and median sales prices are continuing to hold steady, particularly in the single-family home market, despite an uptick in active inventory. We’re closely monitoring the interest rate, condo insurance and new practices and policies that could affect our market, but it will take some time to see any impact. The best thing buyers and sellers can do to stay informed is to work with a REALTOR®, who can help them navigate the market.”
Single-family homes moved at a similar pace to last year, with July sales reflecting 15 median days on market, one day quicker than the median last July. However, the condo median days on market was nearly twice as long as July 2023, climbing from 16 to 30 days.
New listings came on the market across the price spectrum, and in greater quantities at most price points, surging 32.0% for single-family homes and 29.8% for condos. Throughout July, 363 single-family homes and 676 condos were newly listed. In the single-family home market, new listings in the $600,000 to $999,999 range grew 32.7% year-over-year to 138 listings, while new listings at $1,000,000 and above rose 36.5% to 213 listings. Condos in the $300,000 to $599,999 range accounted for 325 or 48% of new listings in July. This range also experienced a significant boost compared to a year ago, up by 95 units or 41.3%. Condos in the $700,000 to $1,999,999 range also saw a large jump in new listings, rising by 70 units or 53.4% year-over-year.
Active inventory continued to build in both markets with a 10.6% month-over-month increase for single-family homes and an 8% increase for condos. At the end of July, there were 722 active single-family home listings and 1,867 active condo listings. Compared to the same time one year ago, single-family home and condo active inventory was higher by 22.2% and 61.8%, respectively. With condo active inventory up more than 60% from the same time last year, every region offered buyers more options. The growth in inventory was also applicable to most price points, with the largest rise occurring in the $300,000 to $499,999 range where active inventory more than doubled from last year to 593 active listings.
*Info courtesy of Honolulu Board of Realtors
