Well, I can't believe July is already behind us. We're now well into August and I'm going to report today on the sales stats for July of 2023. This is David Buck with Harcourts Island Real Estate.
Single Family Home Stats
First, we're going to dive into the single family home stats. There, we saw a dip of home sales down 28.2% from a year ago. We had 312 home sales in July of 2022 and now there's just 224. The median sales price has dropped 1.6% (which is not a whole lot). That was going from $1,107,944. Now, we're at a median sales price of $1,090,000.
Median days on market are continuing to increase. They're up 45.5%, going from 11 to 16 days. In that single family home market, we're seeing a lot less home sales taking place. However, we're not seeing too much of a change in median sales price, down just 1.6%
Condo Stats
Condos also saw a dip in the number of transactions (year over year), however we're not seeing that 30% + drop like we've been seeing over the past year and a half. However, condo sales were down 18.5% from a year ago. In July of '22, we had 518 condo sales on Oahu. Now, we're down to 422. The median sales price has not changed. A year ago, that was at half a million dollars and now this past month, we were still at $500,000.
Median days on market are continuing to uptick as well, which was up 33.3%. That was going from 12 days to 16 days. Condos priced well and homes priced well are continuing to sell. It's just that we're seeing a lot less sales taking place. We're not seeing a huge drop in price because sellers are continuing to hold. Because if they sell, they'll have to pay a higher interest rate on the next property.
Recap
Lack of inventory continues. There's a little bit of stagnation in the market, but prices are holding. We'll see what August has in store for us. If you have any questions, feel free to reach out and give us a call @ 808-371-3509. Mahalo