July 2023 Market Update Test

In July 2023, the real estate landscape on Oahu experienced some noteworthy shifts. Let’s dive into the key highlights to keep you updated about the current trends of this dynamic market.

Despite rising interest rates and economic challenges, Oahu’s housing market’s value remains strong. Buyers are resolute in their desire to own property on Oahu whether they are upsizing, downsizing, or building generational wealth.

Median sales prices remain in rock-stable territory year-over-year, with single-family homes dipping slightly — 1.6% to $1,090,000 and condos holding steady at $500,000.

On the upside, 53% of single-family home sales closed at the full asking price or higher. In the condo market, 47% of total sales received the full asking price or higher. These numbers were slightly higher last year.

Overall closed sales on Oahu were fewer last month compared to July 2022. Single-family home sales dropped 28.2% to 224 closings last month compared to a year ago. Condo sales were also down 18.5%.

Interestingly, new listings were also down in both categories at similar rates that sales volume was down.  New single-family home listings were down 28.8%. New condo listings were down 15.4%.