Alright, this month we have 2 different stories going on between the home and condo markets here on Oahu. This is David Buck with Harcourts Island Real Estate here to report on the home and condo stats for October of 2023. First, we're going to dive into the single family homes.
Single Family Home Stats
Here, we saw a 4.1% dip in transactions (year over year) going from 222 sales to 213 sales. However, a silver lining is we saw an increase in median sales price, which was up 4.6%. That was going from $1,050,000 to $1,100,000. So, you'll start to see as I go through these stats that things are a little bit better on the single family home front. Alright, next we're going to jump into median days on market and that was down just slightly for homes. So, it's taking homes a little bit quicker to sell, dropping 5.3% from 19 days to 18 days.
New listings on market were down 4.6%. So, once again, there's less inventory. Pending sales are down 5%. Less deals are happening and less on the market. Active inventory is actually down 4.6% from a year ago. So, there's a lot less homes to chose from. Total inventory in escrow is down 3.5%. There are less deals taking place, however there is a larger supply overall (not just this past month in October) with months of remaining inventory up 38.1% and that's going from 2.1 to 2.9 months.
As we jump into the condos, there we saw a decrease in the number of transactions year over year. That was going from 435 sales a year ago to 399 sales. That's down 8.3% year over year. The median sales price is also down for condos. Not by much, but $520,000 last year to $515,000 this year. That's a 1% drop and unlike the single family homes we saw an increase in median days on market, going from 19 to 21, which is up 10.5%.
With inventory, we're seeing a 9.4% increase with condos on the market. New listings to market has increased by 6.4%. Pending sales are down 5%. Overall, months of remaining inventory is up 57.1% from a year ago. That's going from 2.1 to 3.3 months. That is not a reason to panic for homeowners because anything less than 6 months is still considered a sellers market according to the National Association of Realtors.
There's a dichotomy between the homes and condos as we started off with and every neighborhood is different. We're going to jump into the local neighborhood stats later in the month. Hope you're enjoying your early stages of November. Mahalo!