Oahu Condo Sales Slump in June
June condo sales experienced the largest year-over-year decline this year
June saw a modest increase in single-family home sales, up by 4% year-over-year. However, condo sales dropped 24.5% from last year, with 355 units sold.
Median sales prices for single-family homes and condos increased modestly year-over-year, with single-family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively. Year-to-date, median sales prices saw moderate changes from a year ago. The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced a 2.0% uptick to $510,000 compared to the previous year.
HBR's June Monthly Statistics Report also shows:
- Single-family homes sold quickly, with a median of 15 days, two days faster than last June. Condos took longer, with a median of 26 days compared to 18 days last year.
- From January through June, single-family home sales in the $1 million and above range exceeded those from the first six months of 2023, with 794 homes sold year-to-date, a 15.9% uptick from 685 sold over the same period last year. For condos, the $799,999 and below range slumped 31.8% in June, with 275 units sold compared to 403 units the same time last year. Conversely, sales in the $800,000 and above range grew 19.4%, with 80 units sold compared to 67 last year.
- Year-to-date, condos sold in the $300,000 to $699,999 range accounted for the largest decline in sales volume, falling 9.9%, while sales in the $800,000 to $899,999 range saw the largest increase, rising 28.6% to 117 units sold compared to 91 last year.
- There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively. Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.
“While O‘ahu’s residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced. As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR who can guide them through the complexities of the real estate market,” said Fran Gendrano, president of the Honolulu Board of REALTORS.
