Oahu Housing Market Analysis: Insights and Trends - July 2023

Real Estate Broker/Owner with Hawaii Dream Realty LLC RB-19372

Oahu Housing Inventory Executive Summary

The Honolulu real estate market as of July 31, 2023, appears to be showing signs of moderation in price trends, particularly in the luxury property segments. The market for Single Family homes is relatively stable, with a slight decline in prices and consistent Days on Market. The condo and townhome market is experiencing varied trends, with luxury condos showing increased demand and lower Days on Market, while the overall condo/townhome segment is facing some pricing pressure. While there are short-term fluctuations in the market, the long-term trend has often been positive. Overall, inventory is providing more options to buyers but prices continue to make records despite the rising interest rates. Ultimately the affordability for those who need a mortgage is going to make the market more challenging.

However, no matter the market condition opportunity can present itself.  For example, investors may just want out of the market for a variety of reasons and for tax purposes may be willing to list at below market values. Other times a listed investment property comes with a substantial amount of future revenue. Such opportunities only come to those who are actively looking and ready to pounce.  Considering that Hawaii real estate has historically shown appreciation over time, investing in Hawaii real estate with a long-term perspective can potentially provide appreciation in property values leading to potential profits when selling in the future.

Oahu Housing Inventory Snapshot

The July 2023 Oahu Hawaii Housing Inventory Snapshot represents aggregated values based on Honolulu MLS data as of July 31, 2023. Each inventory category includes a link providing the current Honolulu MLS listings for that particular category. The prices presented in the table are average prices meaning that the presented price includes homes priced well below and well above the average list price.  The table does not provide the quantified 30-day trends for the list price, sold price, days on market or available listings. If you are interested in a more detailed table with numeric trend percentages, click here to register to receive the monthly report via email.

Housing Inventory Snapshot  July 31, 2023 
  Average List Price Average Sold Price Average DOM: active/sold listings Number of Listings
Honolulu County, HI
Click to Search Single Family under $1M [MLS Data Based on SFH] $1,108,825 $1,052,677 73 / 34 452
Click to Search Single Family over $1M [MLS Data Based on Luxury SFH] $4,632,972 $2,634,615 116 / 39 138
Click to Search Condo/Townhome under $500K [MLS Data Based on Condo/Townhome] $497,016 $476,743 95 / 37 856
Click to Search Condo/Townhome over $500K [MLS Data Based on Luxury Condo/Townhome] $2,253,614 $1,656,328 136 / 52 304

Based on an analysis of the key metrics presented in the Housing Inventory Snapshot, we can speculate on short-term changes and emerging patterns in the Honolulu, Oahu, Hawaii real estate market. This information is crucial for buyers, sellers, and real estate professionals to gauge market sentiment and to make strategic decisions relative to the reported market segments.  

  1. Price Trends: Overall, the average list prices for both Single Family homes and Condo/Townhomes have experienced a slight decline over the last 30 days. Luxury Single Family homes have seen a more significant decrease in average list prices. While the average sold price for Luxury Condo/Townhomes has increased notably over the last 30 days. The 30-trend could suggest a softening of the market; however, the Luxury Condo/Townhome segment seems to be showing some market demand.   Hawaii is a popular tourist destination with a robust tourism industry driving demand for vacation rentals, second homes, and investment properties that contributes to fueling the continued upward sale price pressure on Luxury Condo/Townhomes.
  2. Days on Market: For Single Family homes and Condo/Townhomes, the average days on market for both active and sold properties have either remained relatively stable or shown small changes in the last 30 days. Luxury Single Family homes have seen a decrease in Days on Market for both active and sold properties implying a potential increase in activity or more competitive pricing for the Luxury Single Family segment. Of note, the Condo/Townhome segment has experienced a small increase in Days on Market for active listings, but a decrease in Days on Market for sold properties, suggesting that Luxury Condo/Townhomes are selling relatively fast. Due to the unique geography of Hawaii, there is a limited supply of land for development which can create a sense of urgency among buyers and lead to increased demand and potentially higher prices.
  3. Inventory and Listings: The number of active listings has increased for Single Family homes and Luxury Single Family homes, indicating a potentially growing inventory in these categories. The number of active listings for Condo/Townhomes and Luxury Condo/Townhomes has remained constant, which might indicate stable inventory levels for these property types. 
  4. Market Segmentation: The luxury segments for both Single Family and Condo/Townhomes appear to be facing challenges in terms of pricing and demand based on significant drops in average list prices. The general Condo/Townhome market is also seeing a decrease in average list and sold prices, although the decline is less pronounced compared to the luxury segment. Single Family homes seem to be relatively stable with only a modest decline in average list prices and a minor increase in Days on Market.  

Ready to Assist

If you know someone who is considering buying or selling a home, please give me a call. I provide professional and courteous service and offer decades of experience on Honolulu neighborhoods,  communities, and cash generating properties. If you are considering selling, our digital marketing strategy and distributed print media ensures that your listing gets exposure. If you want to know what your home is worth in the current market Click Here, or for more personalized service, contact me directly at 808-223-0429 or email TH@Invest808.com.

Posted by

Aloha and Mahalo,

Theresa Harden
Principal Broker e-PRO, SFR, Realtor

Direct: (808) 223-0429
Office: (808) 735-2221
Toll Free (866) 800-7250

eFax: (866) 405-4274 

Skype: theresa.harden
Oovoo: hawaii_realtor

Waikiki Sales Office
2463 Kuhio Ave. C1
Honolulu, Hawaii 96815

Search for Oahu Real Estate For Sale www.Invest808.com

Oahu Property Management Services www.OahuRentalServices.com

Comments (3)

Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Have a productive week.

Aug 27, 2023 01:23 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and great information to share with us here in the Rain.  Make it a great Sunday!


Aug 27, 2023 04:20 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Theresa. Thanks for your on the ground analysis of your current market. These trends are not easily discernible to those not looking daily. Enjoy your day. 

Aug 28, 2023 04:21 AM