Oahu Market Report - July 2023

Below is the O'ahu Market Report for July 2023. Read on for more details and a REMINDER: JOIN the A-TEAM for a unique Activity, Crystal Bowl Sound Bath Friday, August 18, 2023 in Kailua (RSVP below)

Crystal Singing Bowl Sound Bath Let go, relax, and release with this calming and healing crystal singing bowl musical meditation. WHEN: Friday, 8/18/23, 7p-8p WHERE: Bella Kai Yoga Studio Kaneohe Bay Drive, Kailua COST: FREE! We have limited tickets available, so sign up early. To RSVP, please click here or visit ACTIVITIES Page on Our Site.

JULY 2023 MARKET REPORT

O‘ahu Home and Condo Markets Cool Year-Over-Year, Amid Rising Borrowing Costs Active inventory and days on market increase as sales volume continues to decline, though for single family homes, both price is up and days on market is down, month over month, as monthly activity picks up slightly, due to summer sales. YEAR OVER YEAR # SALES: Both single-family homes and condos experienced a dip, as elevated borrowing costs continued to dampen summer buying activity. Single-family home sales fell by 28.2%, and condo sales dropped by 18.5% compared to the same time last year. In both markets, properties that sold in July spent a median of 16 days on the market, just a slight jump up from July 2022, where single-family homes had a median of 11 days and condos had 12 days. Y-O-Y PRICES: Median sales prices were stable year-over-year, with single-family homes down 1.6% to $1,090,000 and condos even at $500,000. Approximately 53% of single-family home sales closed for the full asking price or more, compared to 65% a year ago. In the condo market, 47% of sales received the total asking price or more compared to 60% of sales in July 2022. Y-O-Y NEW LISTINGS: The market also experienced a decline in new listings, with a 28.8% year-over-year drop for single-family homes and a 15.4% fall for condos. However, active inventory for single-family homes and condos remained relatively unchanged from the previous year, with a modest 2.6% growth in active single-family home listings and 9.9% in active condo listings. MONTH-OVER-MONTH: Prices up slightly for single family from $1,060,000 to $1,090,000 and days on market down slightly. Condo prices remained consistent with days on market also slightly down. We can see the summer market heats up slightly, as usual, since July data reflects sales entered into in May and June. If you have questions, contact your A-TEAM REALTOR for more information. ~ Aloha

Source: Honolulu Board of Realtors

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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