July 2023 Market Update

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%.

Neighborhood Market Standouts

Despite the slight dip in median prices in July, Oahu sales prices haven’t changed significantly over the past year — and in some neighborhoods, the prices are up. The following highlights single-family and condo neighborhoods where the MSP is higher than a year ago.

Single Family Median Sales Price

Condos Median Sales Price

For an up-to-date market analysis of your property, contact me for a current valuation of your home.