July was a crazy month! We had a new record price again for the median sales price of both homes and condos on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the monthly stat report for single family homes and condos on Oahu.
Single Family Home Stats
Like I said, we hit a record for the single family home price at $992,500, which was up 21.8% from July of 2020, which was at $815,000. That's now the 3rd month in a row that we hit a record for the single family home price. Sales were also up 11.9%. Whereas last year we only had 361 homes that traded on Oahu. Now we're up to 404.
Days on Market are down 30.8%. A year ago it was a Seller's Market already at 13 Days. Now we're down to 9 Days! Months of remaining inventory is also down 45.8% for single family homes, dropping from 2.4 months to 1.3 months. So, that's a wrap on the single family homes and I'll be up shortly regarding the condos. Mahalo.
Condo Stats
Similar to single family homes, we also hit a record for the condos like I said. The new record price here on Oahu for condos is now $475,000. That's up 8% from July of 2020, where we were at $440,000. What we saw the largest jump was actually the number of trades happening in the condo market. Because last year was a little bit soft with COVID lockdowns, last year there were 426 sales. We're now up to 671 sales in July. That's a jump of 57.5%. That's pretty crazy!
Days on Market are down 57.5% dropping from 26 Days a year ago to just 11 Days. Months of remaining inventory are also down significantly, down 51.2% and that's going from 4.1 months of remaining inventory to just 2 months. Keep in mind the National Association of Realtors says 6 months or less is considered a Seller's Market and now we're down to just 2 months for condos and just 1.3 months for single family homes.
That's a wrap for July and we'll see what August has in store for us and if this trend continues because it's been a wild ride for the housing market on Oahu. Mahalo!