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August Statistics

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Oahu
According to information provided by the Honolulu Board of REALTORS®, the O’ahu real estate market showed mixed tendencies in August 2023. Closed sales for single-family houses decreased significantly year over year (down 19.7%) and for condos (down 16.9%). While condo sales remained steady, single-family house sales saw a noticeable 12.5% increase over the previous month. Single-family homes witnessed a minor year-over-year decline in median sales prices, falling 1.4% to $1,110,000, but condos saw a 3.3% increase to $515,000 instead. Positive trends are developing despite obstacles like increased interest rates, particularly in the active inventory and a minor increase in single-family home buying activity month over month.

Maui
Higher mortgage rates, increasing sales prices, and a housing shortage have all had an impact on the summer homebuying season. Since May, mortgage rates have been above 6.5%; in August, they reached their highest level in two decades. As a result, existing-home sales have decreased by 2.2% from month to month and by 16.6% from the same period last year, according to the National Association of REALTORS® (NAR).

Condominiums (31.4%) and single-family houses (49.1%) saw large drops in new listings. For single-family homes, pending sales grew somewhat (1.6%), but for condos, they significantly decreased (37.1%). Single-family house inventory fell by 31.5%, while condominium inventory fell by 12.1%.

Due to the insufficient supply, property prices remained high despite reduced sales. A 1.9% increase from the prior year, NAR reported a national median existing-home price of $406,700. The decrease in the number of available homes—14.6%—increased competition and price inflation. Closed sales decreased by 16.3%, the median sales price increased by 1.7%, and there were 18.2% fewer properties for sale.

Kauai
When compared to the same month in 2022, Kauai’s real estate market experienced a significant increase in median sale prices in August 2023. The price of a home increased by an astonishing 77% to $1,725,000, while the price of a condo increased even more dramatically by 89% to $1,012,500.

However, sales activity on Kauai decreased despite the price growth. Comparing August 2018 to August 2022, home sales were down significantly (53%) and condo sales (-45%).

In August 2023, Kauai likewise had a rise in the median days on the market. In comparison to the prior year, homes took 88% longer to sell, with a median days on market of 15, and condos had an 86% rise, with a median days on market of 13.

Big Island
The Big Island’s real estate market showed higher median sale prices in August 2023 compared to the corresponding month in 2022. In comparison to the prior year, home prices increased by 3%, reaching $497,000, while condo prices increased by 3%, reaching $612,500.

Sales activity on the Big Island decreased despite the price increase. Comparing August 2022 to August 2023, there was a noticeable -10% decline in home sales and a -14% decline in condo sales.

In August 2023 on the Big Island, the median days on the market increased. Compared to the prior year, homes took 32% longer to sell, with a median days on market of 29, while condos had an 80% rise in market time, with a median days on market of 18.

Real Estate Market Stats June 2023

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A decline from May 2023’s median sales price of $1,150,000 for single-family homes was seen in the Kauai real estate market in June 2023. These houses spent an average of 85 days on the market. 119 single-family houses were now listed actively, with 40 new listings coming online in 2023 and 56 in 2022. In contrast to the 42 sold listings in June 2022, there were 35 sold listings in June 2023.

The median sales price for condominiums was $685,000. The average number of days on the market was 48. There were 66 active condominium listings, 42 new listings in 2023, and 38 new listings in 2022. In contrast to the 45 condos sold in June 2022, there were 30 condos sold in June 2023.

The median price for land listings was $700,000, and the average number of days they were on the market was 83. With 16 new listings in 2022 and 13 new listings in 2023, there were 99 active land listings. Seven sold land listings were listed in June 2023, the same number as in June 2022. These figures show a generally stable market in Kauai, with some differences in sales volume and prices across various property types.

A reduction from May 2023’s median sales price of $515,000 for single-family homes was seen in the Big Island real estate market in June 2023. These houses spent an average of 67 days on the market. There were 554 single-family houses already on the market, with 240 new listings coming online in 2023 and 341 in 2022. In contrast to the 256 sold listings in June 2022, there were 200 sold listings in June 2023.

On the Big Island, the median sales price for condos was $600,000, and the average number of days they were on the market was 38. There were 98 active condo listings, 69 new listings in 2023, and 78 new listings in 2022. In June 2023, 78 condominiums were sold, which is a reduction from the 86 sold in June 2022.

The median price for land listings was $45,000, and the average number of days they were on the market was 106. With 302 new listings in 2022 and 241 new listings in 2023, there were 1,109 active land listings. In contrast to the 248 sold listings in June 2022, there were 196 sold land listings in June 2023. According to these figures, the Big Island real estate market exhibits some price and volume swings across various property categories, possibly reflecting changes in consumer preferences and market dynamics.

June saw a cooling trend in the O’ahu real estate market, with a decline in sales and median prices for both single-family homes and condos. Compared to the same time last year, the monthly median sales price for single-family homes was $1,050,000, a 4.5% decline. The median sales price of a condo decreased by 4.5% to $510,000. Sales of single-family homes fell by 30.5% year over year, while those of condos fell by 24.9%. In spite of these losses, the market continued to move quite quickly, with the majority of properties being under contract in less than two weeks.

Multiple variables, including a move from fierce buyer competition to a moderating environment, consistently low inventory, and shifting affordability because of higher average mortgage rates, were blamed for the market shift. The increase in average mortgage rates in June had a significant impact on pending sales, with contract signings falling both year over year and month over month. Pending sales in the single-family housing market decreased by 10.5% from June 2022 and 24.3% from that month. The condo market had a decrease of 17.2% from the previous year and 18.1% from one month prior. Sales were almost a third lower than they were a year ago for both the second quarter and the entire year, despite a second quarter that saw double-digit sales growth compared to the first.

After the sharp increase seen in 2021 and the first half of 2022, property prices on O’ahu have slightly steadied over the first half of 2023. For single-family homes, the year-to-date median sales price was $1,050,000, which is a 5.5% reduction from 2022. Both June 2023 and year-to-date single-family house sales were largely concentrated in the $800,000 to $999,999 price bracket. Condominiums’ year-to-date median sales price was $500,000, which was just 2.9% less than the same figure for June 2022. The market saw a decrease in the proportion of transactions that closed above the asking price, while active inventory in the single-family home and condo markets grew compared to the same time last year, even though it will still be below pre-pandemic levels in 2020.

There have been notably fewer new listings in the local Maui real estate market, with single-family homes seeing a 46.2 percent decline and condominium properties seeing a 25.5 percent decline. However, there has been a little gain in pending sales, with condominium properties seeing an increase of 1.2 percent and single-family homes experiencing a decline of 6.3 percent. With a 14.6 percent decline in single-family homes and an 8.6 percent decline in condominium buildings, the supply of available homes has also shrunk.

The median sales price has had conflicting results in spite of the drop in new listings and inventory. The median sales price of single-family homes has significantly decreased, falling by 19.6 percent to $1,007,000. Condominium residences, on the other hand, have experienced a rise in median sales price of 21.9 percent, hitting $984,450. This shows that market patterns for various types of properties are diverging.

The data also shows changes in the length of time it takes to sell a home. Days on the market for single-family houses have increased by a moderate 4.5 percent, whereas days on the market for condos have increased by a significant 71.6 percent. A change towards a buyer’s market is also indicated by the fact that the months’ supply of inventory has grown by 33.3 percent for single-family houses and 68.8 percent for condominium homes.

Nationally, the housing supply has grown by 3.8%, offering a three-month supply at the present sales rate. The lack of available properties has led to high costs for those buyers who are still looking, with a nationwide median sales price of $396,100. This indicates a loss of 3.1% over the prior year, which is the greatest yearly loss since December 2011. Most listings are sold in within a month due to the tremendous demand for houses that continues to exceed supply.