Can you believe that condo inventory is up 64% from a year ago? This is David Buck with Harcourts Island Real Estate and today we're going to talk about the market stats for August of 2024. First off, we're going to dive into single family homes and there we saw things relatively flat as well as the condos, which we'll dive into next.
Single Family Home Stats
Regarding single family homes, there was literally only one more transaction than there was the previous year. In August of 2023, we saw 252 homes sell on Oahu and this past month we saw 253. That's 1 house more that's sold than the previous year and that's a .4% change year over year. That was home sales.
Now, regarding the home price on Oahu, it was also relatively flat. A year ago in August of 2023, that median home price was $1,110,000 and this past month it was up $12,000. Now, it's at $1,122,000. That's just a 1.1% increase. So, across the board, it was relatively flat.
The good sign for sellers on Oahu is that the median days on market has decreased a little bit, going from 18 days to 14 days. Now, keep in mind, this is everything across the board (for homes) at every price point. 18 days dropping to 14 days is a 22% decrease in median days on market.
Meanwhile, active inventory is a trend we've notice picking up. It's up 27.1%. There's more than a quarter more homes for sale than there was a year ago. Historically, it's still relatively low. We did talk about this last month. There's 760 homes for sale this past month. The previous year it was at 598.
Condo Stats
The condo stats on Oahu weren't quite as rosy as the single family homes. We saw a 5% drop in the number of transactions. A year ago we had 422 condo sales on Oahu and this past month it was down to 401. Meanwhile, that median condo price on Oahu a year ago was at $515,000 and this past month, it was at $500,000. That's a 2.9% decrease in the median sales price for a condo.
These are trends we've been covering now for several months and the biggest trend we've been talking about it the amount of active inventory for condos on Oahu, which was up 64%. A year ago there were 1,146 condos for sale and this past month there was 1,879. That delta or difference in condo inventory is almost as much as all the single family home for sale on Oahu. So, that's a significant increase in condo supply on Oahu. This chart below will give you some perspective.
Active Inventory on Oahu
You can see how the condo inventory (in yellow) has been ratcheting up over the past year. It's not all doom and gloom. If you're a buyer in the marketplace, there are some opportunities for condos. I've been getting some clients in some deals as there's not as much competition out there. The rumor out there is interest rates are on their way down. We don't actually know. I can't predict the future, but that's kind of been the word on the streets. So, it might not be a bad opportunity to get into the market with less competition now before election season. I know there's always some uncertainty out there, but if you make a move now, you may come out ahead later. Once again, I can't guaranty that. We can't predict future results. However, right now, in general in this business, the less competition is better for buyers.
Got Real Estate Questions?
If you have specific questions about real estate here on Oahu, feel free to reach out and give us a shout at 808-371-3509. Mahalo!