Did you know that the median price for single family homes and condos on Oahu was down "just slightly" in the low single digit percentile from a year ago? This is David Buck from Harcourts Island Real Estate here to give you the monthly market report for May of 2023.
Home Stats
First, we're going to start off with the home stats and there we saw a 23.8% drop in the number of transactions. That was going from 344 sales a year ago to 262 sales this year. Now, we're going to jump into that single digit drop, which was 3.9% for the median sales price. The median sales price is still above $1.1 million at $1,109,000. However, a year ago we were at $1,153,500. That, once again is a 3.9A% drop.
We have seen an increase in the median days on market. which is up 110%. That was going from just 10 days a year ago to 21 days, which is still considered a seller's market. It's something we want to keep an eye on that things are slowing down with 23.8% less sales. But, things are selling. It's just taking them a bit longer to sell.
Condo Stats
Condo sales on Oahu took a slightly bigger hit. They were down 36.3% from a year ago. Last year we had 688 condo sales in May and now we're down to 438. The pricing was down 2.2% for median sales price. A year ago, the median sales price for a condo on Oahu was $516,500. Now, we're just at $505,000. In the big scheme of things, that's not real significant considering what's been happening with interest rates and what you hear about in the news. So, just a 2.2% drop in condo price.
It is taking condos longer to sell (similar to single family homes). It was up 100% year over year for days on market. But, that was only going from 10 days to 20 days. Keep in mind, those stats are what's actually selling according to the Honolulu Board of Realtors stats. As we know, there are both homes and condos that get listed for sale that get pulled off the market, so that skews the stats a little bit.
Summer Moving Season
Here we are in the first week of June heading into summer. It's exciting because we have a big moving season for both local people and both inbound and outbound domestic migration. We're also starting to see a little bit of international traffic come back to Oahu. More importantly, this is PCS season for our military. That's a big demographic we'll be seeing this summer buying and selling houses here on Oahu.
Every market is different and if there's anything we can help you with here on Oahu, feel free to reach out to us.