O'ahu Single Family Home Sales Gain Momentum in July

July Sees Single-Family Home Sales Surge 20.1%, While Condo Sales Dip 7.8%

 

July saw year-over-year single-family home sales jump by 20.1%, from 224 to 269, while condo sales declined 7.8%, with 389 sales compared to 422 in July 2023. Compared to one month ago, sales in both markets rose slightly, up 4.3% in the single-family home market and 9.6% in the condo market.

Median sales prices in both markets increased modestly, with the single-family home median sales price reaching $1,140,000 and condos ending the month at $509,000, up by 4.6% and 1.8% respectively. Both the single-family home and condo markets saw a smaller share of sales close above their original asking price. This July, 29% of single-family home sales and 15% of condos closed above their original asking price, compared to 36% and 25%, respectively, in July 2023.

HBR's July Monthly Statistics Report also shows:

  • Single-family homes had a median of 15 days on the market in July while condos saw a median of 30 days, nearly double the 16 days last July.⁠
  • Active inventory increased in both markets, with single-family homes up 10.6%  and condos up 8%  month-over-month, totaling 722 and 1,867 listings, respectively. ⁠
  • In the single-family home market, new listings in the $600,000 to $999,999 range grew 32.7% year-over-year to 138 listings, while new listings at $1,000,000 and above rose 36.5% to 213 listings. Condos in the $300,000 to $599,999 range accounted for 325 or 48% of new listings in July. This range also experienced a significant boost compared to a year ago, up by 95 units or 41.3%. Condos in the $700,000 to $1,999,999 range also saw a large jump in new listings, rising by 70 units or 53.4% year-over-year.
  • Pending sales volume continued steadily from June, with nominal month-over-month change. Compared to a year ago, the single-family home market saw a slight bump with 3.2% more pending sales; however, the condo market experienced a decline of 9.7%.

"While year-over-year sales are mixed, we saw activity in both single-family home and condo sales pick up in July, which is typical for this time of year. Demand and median sales prices are continuing to hold steady, particularly in the single-family home market, despite an uptick in active inventory. We’re closely monitoring the interest rate, condo insurance and new practices and policies that could affect our market, but it will take some time to see any impact. The best thing buyers and sellers can do to stay informed is to work with a REALTOR, who can help them navigate the market, said Fran Gendrano, president of the Honolulu Board of REALTORS.