Aloha! I hope you're having a great 2024 so far and we're going to recap on the sales that finished off in December of 2023. As the stats came out recently from the Honolulu Board of Realtors and we just want to report on what's been happening.
Single Family Home Stats
First off, we're going to dive into single family homes and there we saw for the 23rd straight month in a row a drop in sales. Sales were actually down from the previous December of '22 down 9.9%. So, we had 182 home sales this past month compared to 202 sales a year prior. In addition to that, the median sales price for a single family home was down 5.1%. That was going from $1,049,500 a year ago to $996,500 this past month.
It is taking home a little bit quicker to sell, which is a silver lining. Median days on market have dropped 28%. A year ago, there were 25 days on market. Now, it's just 18. In addition to that, pending sales are up 8.3% year over year. In December of '22 there were 168 pending sales and now we're at 182. So, things are picking up a little bit. We'll see if we continue on that slide of more than 23 months regarding sales. Maybe things will pick up in January and February, which the traditionally do. But, year over year comparison, we're seeing that slide in sales volume.
Condo Stats
Meanwhile, condos have also experienced a similar slide regarding sales volume being down. Now, for the 19th month in a row and it actually took more of a drastic year over year decrease in sales. Condo sales were down 24.4% from a year ago. A year ago, there were 360 condo sales on Oahu in December and now we had 272 this past month. Meanwhile, the median condo price didn't take as much a dip as the single family homes. As a matter of fact, they were actually up 1.5%. A year ago, that median condo price was $502,500 and now it's at $510,000. So, that's a step in the right direction for condos.
The median days on market are up 23.8%, so it's actually taking condos longer to sell. Whereas, the homes were contracting regarding days on market. A year ago, that median days on market was 21 days. It's now 26 days on Oahu, which is still considered a seller's market. I saw some stats recently from one of our agents over on Maui and it's taking over 200 days on average for a condo to sell on Maui! So, it's still a seller's market for condos (on Oahu). It's just that volume, having to do with that inventory. Pending sales are relatively flat year over year for condos.
In any event, if you want to find out what's going on in your particular neighborhood, whether it be homes, condos or anything else here on Oahu, we're always here to help. We're at 808-777-4880. Mahalo!