June Market Report
O‘ahu Home and Condo Markets Cool in June
Sales and median prices dip, but pace of sales remains relatively quick
The monthly median sales price for both single-family homes and condos fell 4.5% year-over-year. The single-family home monthly median sales price in June was $1,050,000, and $510,000 for condos. Single-family home sales dropped 30.5%, and condo sales dove 24.9% compared to the same time last year. However, the market pace remained relatively quick, with most properties entering a contract in just over two weeks.
Although both markets experienced double-digit sales growth from the first quarter of 2023 to the second—up 28.4% for single-family homes and 27.2% for condos—sales were approximately one-third down from a year ago for both the second quarter and year-to-date.
The first half of the year saw 337 single-family homes, approximately 26% of sales, that closed for more than the original asking price, compared to 1,189 single-family homes or 61% of sales over the same period last year. Fourteen percent of single-family home sales received full asking price compared to 13% last year. In the condo market, 502 or 21% of sales closed above the original asking price compared to 1,589 condo sales or 43% in the first half of 2022. The share of condo sales that received full asking price was 21% year-to-date compared to 19% last year.
At the end of last month, active inventory was up in both markets compared to the same time last year. June 2023 ended with 605 active single-family homes, a 14.8% year-over-year increase, and 1,159 active condos, a 16.1% increase from a year ago.
“The directional shift in several market indicators—the modest pullback in median sales price, the slightly longer days on market, and the dip in the percent of original list price received—affirm the transition from last year’s intense buyer competition to a moderating environment in some areas. Market headwinds that persist are low inventory and shifting affordability as average mortgage rates remain elevated from recent years,” said Fran Villarmia-Kahawai, president of the Honolulu Board of REALTORS®.
*info courtesy of Honolulu Board of Realtors.
