Single Family Home Update
Can you believe that home sales were down over 40% last month, yet prices were up? This is David Buck with Harcourts Island Real Estate and I'm here to give you the monthly market update for October of 2022. So, as I started off, I'd mentioned home sales were down over 40%. To be specific, it was actually 41.7%. We had 381 trades a year ago in October and just this past month we had only 222. Now, that's not great news for Realtors, however it's great new for Buyers.
With that said, prices were actually up 5% from a year ago. That's pretty simple math. In October of '21 the median sales price was $1,000,000 and now it's $1,050,000. Meanwhile another thing working in Buyers' favor is median Days on Market are up 90%. That's going from 10 to 19 Days.
Active Inventory is actually up 63.6%. A year ago, there were 401 homes on the market on Oahu. Now, there's 656. So, things are trending towards a Buyer's Market. However, with that said, what defines a "Buyer's Market" by the National Association of Realtors is Days on Market of 60 Days and we're still just at 19. There's a little more opportunities out there. Rates are taking effect on the market.
As we jump into the condo stats on Oahu, the condo market was a little more healthy. Sales weren't down north of 40%. They were down 28.8%, which is a trend we've been following over the last several months. That was going from 611 condos sales in October of '21 to 435 sales this past month.
Meanwhile, the median condo price was up. Similar to single family homes, up single digits, up 4%. Once again, pretty simple math. A year ago, it was $500,000 median sales price and now we're at $520,000.
Inventory, meanwhile is not up as dramatic as the single family home market. Inventory is up just 14.9% and that's going from 1,039 active listings a year ago to 1,194. Meanwhile, Days on Market are similar to single family homes in the sense that they're up 72.7%, going from 11 to 19 Days. Matching that 19 Days for both homes and condos.
As I had mentioned in the previous segment, interest rates are having an effect on the market. We'll see if they cool off and if that will have an effect on our market, which I'll bet money it will. Traditionally, as we go into the holidays, it is a little bit slower. But, if you're a Buyer, now is the time. because on the single family home front, there's 40% less competition out there and there's quite a bit less competition on the condo front. There's nearly 30% less competition.
If you're a Buyer in this marketplace and you're financing, you are going to pay a little more money. However, if rates do come down, you can always refinance later. I can't guarantee that will happen, however if you have any specific questions to you about what's going on in this market, feel free to give us a call at 808-777-4880. Mahalo.