Real Estate Report - June 2023
O'AHU MARKET REPORT
The O'ahu Real Estate Market continues to strengthen and recover from a low point in October of 2022. While the median home sales price of $1,109,000 is lower than the same month last year by 3.9%, home prices are up by 10.9% compared to last month. Similarly, the condo median price is slightly lower than the same month last year (.3% down) and up 3.3% compared to last month. Demand is also starting to rise as we move into the summer months as closed sales for homes (up 26%) and condos (up 4.3%) drifted upward compared to the previous month.
What needs to change to make homes more affordable? The answer could come in the form of lower home and condo prices, lower mortgage interest rates, larger savings for down payment or higher wages. Any of those changes would make home purchasing more achievable as long as the other factors listed remain unchanged.
In past real estate cycles here in the islands, niche markets emerged during a shift. Lis Pendens, an early indicator of foreclosures, have risen in the past 12 months. Investors have been gobbling up condotels riding the surge in travel following the pandemic. Contact your sales agent for more information if interested in a niche market, or general real estate questions