July Market Report

July Market Report

• Sales prices soften:
  • Single-family home prices dipped 5.7% year-over-year to $1,075,000.
  • Condo prices decreased 3.7% to $490,000.
• Sales volume down but pending sales up:
  • Single-family home sales fell 7.4% year-over-year to 249 units.
  • Condo sales remained unchanged at 398 units.
  • Year-to-date sales are down in both markets.
  • However, contract signings (pending sales) increased by 9.8% for single-family homes and 13.2% for condos compared to a year ago.
• Inventory on the rise:
  • Active inventory rose 18.0% for single-family homes and 31.7% for condos compared to a year ago.
  • New listings for single-family homes increased 1.7% to 369, while condo listings dropped 4.3% to 647.
• Days on market lengthen:
  • Homes are taking longer to sell, with single-family homes spending a median of 20 days on the market (up from 15 days last year), and condos a median of 50 days (up from 30 days last year).

• Buyers are becoming more strategic, taking more time to make decisions.
• However, increased inventory and pending sales suggest buyer confidence remains.
• The strongest growth in single-family home sales occurred in the $800,000 – $999,999 range.
• The largest portion of condo sales fell between the $300,000 and $499,999 price point.

Trevor Benn, President of the Honolulu Board of REALTORS® states: “While prices softened and more inventory became available, buyers appeared more strategic in July. With more options on the table, decision timelines extended, especially in the condo market. Rising pending sales and increased buyer activity show promising signs that market confidence remains intact. The trends seen, particularly in specific price points and neighborhoods, point to a resilient, adaptive market”.

*info courtesy of Honolulu Board of Realtors