Aloha! Well March was another month to shatter some records - both for single family homes and condos here on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the market report for March of 2022.
Single Family Home Stats
The single family homes shattered that record again. So, $1,150,000 is now the new record price for the median home on Oahu. That was an uptick of $25,000 from the previous record of $1,125,000. It's also up 21.1% from a year ago, which is just crazy! The median sales price for a home on Oahu in March of '21 was just $950,000. Fast forward to today and that's a 21.1% increase.
The number of sales, however are down. There's not as much inventory out there. The numbers of trades on the single family home front were down 11.1%. That was going from 361 sales a year ago to 321 sales this year. Days on Market was flat. It was a Seller's market last year with just 9 Days on Market. We're still at 9 Days on Market a year later for March of '22. Stay tuned and I'll be right up to give you an on the condo report. Mahalo.
Condo Stats
As I mentioned earlier, the condos also crushed the previous record here on Oahu. So, the new record for condos here on Oahu is at $515,000 for that median price. That was not as much an increase (year over year) as the single family home front, but that was up 14.3%. In March of '21 the median price for a condo on Oahu was $451,000 and now it's $515,000. That's a great bump, going up 14.3%.
Days on Market was similar to single family homes at just 9 Days. It's a phenomenal Seller's Market. A year ago, it was 14 Days on Market. It has gotten even better (for Sellers) which is down 35.7% for Days on Market. I skipped over the sales, but the number of condo trades were up 7.3%. So, the number of transactions were higher for condos vs. the single family homes where the sales slowed down a little bit due to inventory. Those trades were going from 626 sales a year ago to 672 sales this year.
David's 2021 Sales
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Speaking of sales, I opened up a box from Harcourts North America and unfortunately, I couldn't make the awards program. They had the North American Annual Conference in Scottsdale, AZ and I was pleasantly surprised that I ended up in the Top 10 for Harcourts North America and they sent me some goodies over here, so I just wanted to say thank you to the team at Harcourts North America.
If there's anything we can help with in this market, every segment is different. In general, most places prices are up, Days on Market are down. There's still some good bargains out there, but the market is doing its typical softening going into April, which we're now in. With tax season, we'll see how things will continue into the rest of the spring and into the summer. Mahalo!