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July 20, 2023

Honolulu Market Report: June 2023

The Honolulu housing market cooled off in June, with both single-family homes and condos seeing a decline in median sales prices. The monthly median sales price for single-family homes fell 4.5% year-over-year to $1,050,000, and the median sales price for condos fell 4.5% to $510,000.

Single-Family Home Resales

Number of Sales Median Sales Price
June 2023 248  -30.5% $1,050,000  -4.5%
June 2022 357 $1,100,000

Condominium Resales

Number of Sales Median Sales Price
June 2023 470  -24.9% $510,000  -4.5%
June 2022 626 $534,000

Sales also slowed in June, with single-family home sales down 30.5% and condo sales down 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.

There are a number of factors that are contributing to the cooling of the Honolulu housing market. These include rising mortgage rates, which have made it more expensive to buy a home, and a limited supply of inventory.

Despite the cooling, the Honolulu housing market remains active. There is still strong demand for homes in the area, and most properties are selling quickly.

What does this mean for buyers and sellers?

The cooling of the Honolulu housing market is good news for buyers, as it means that there is more negotiating power and less competition. However, sellers may need to be prepared to lower their asking prices in order to sell their homes.

Overall, the Honolulu housing market is still a sellers’ market. Although the market has balanced somewhat, if you’ve been thinking about selling, now might be the time to take advantage of the current situation. It’s best to consult your realtor as each property is unique and each and neighborhood has specific trends.

If you have questions, Sachi Hawaii would be happy to help you evaluate when’s the best time for you to buy or sell. Please feel free to contact Sachi Hawaii: (808) 596-8801 | info@sachihawaii.com

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