Can you believe that we're already in April? This is David Buck with Harcourts Island Real Estate, here to report on the home and condo stats for March of 2024.
Oahu Home Stats
First off, we're going to dive into the single family home sales. There, we saw a dip in home sales from the previous year, which was down 2.5%. In March of 2023, there were 236 home sales on Oahu. This past month, we saw 230. So, that's a 2.5% dip in home sales. Meanwhile, the median price for a single family home on Oahu was actually up 1.5%. This past month, it was at $1,100,000. Whereas, a year ago it was at $1,083,750. That's an encouraging sign for home sellers on Oahu.
The median days on market have actually dropped as well, down 13.9%. A year ago, it was taking 36 days for a home to sell. This past month, it was just at 31 (days). Another positive sign on the single family home front was that overall total inventory in escrow (this is a stat that the Board of Realtors reports on), was actually up 14% from a year ago. Deals that were in escrow last year for homes was 393. When we rounded out this past month, it was at 448.
Oahu Condo Stats
Now, we're going to dive into the condo stats and there, they weren't nearly as strong as the single family homes. They were kind of bleak regarding condos sales, which were down 22.5% from a year ago. Last year, we had 444 condo sales in March on Oahu. This past month only saw 344, so that's 100 less deals that took place (22.5% less) on Oahu for condos. Even though the median price for homes was up 1.5%, they were actually down 6.7% for condos. it's kind of funny, because last year, we saw a record median price. In March, it was down 6.7% from a year ago. A year ago, we were at $538,000 and this past month, it was down to $500,000. So, that's a 6.7% dip.
Median days on market (which were dropping for homes) actually increased for condos. It was 24 days a year ago. Now, it's taking taking 29 days, which is still a great thing for sellers (relatively speaking). Because, anything less than 60 days is considered a seller's market according to the National Association of Realtors. The stat we'd talked about on the single family homes with that increase in inventory under contract is actually up for condos as well. It was up 7.5%, which would be a positive spin for condos. A year ago, there were 602 condos under contract. This past month there were 647.
As always, our market on Oahu is constantly changing and every market and neighborhood is different. We are in April as I'd mentioned, so we are going into tax season this coming week. Things tend to get a little bit quieter with tax season, but I do anticipate the market picking up in the latter part of April. If you have any questions specific to your property that you own and you're thinking about selling or with your property search, feel free to reach out and give us a shout @ 808-371-3509. Aloha!