Well, if you've listened to the news lately on Oahu, all they are talking about now is that we are now back to "Pre-Pandemic Levels"in regards to sales on Oahu. Believe it or not, things aren't all "Doom and Gloom". The median price was up 7.2% for homes on Oahu and here's the real data. Take a look at this graph below. You'll see that sales are actually up for single family homes and condos to levels higher than prior to when the pandemic started in the beginning of 2020.
Can you see what I meant by looking at that graph? Sales aren't all that bad and they are actually above where they were pre-pandemic. So, this is a testament to not always believe what you see in the news. This is David Buck with Harcourts Island Real Estate and I'm here to give you the monthly market update for August of 2022.
Single Family Home Stats
We'll start off with the median sales price, which was up 7.2% from a year ago for single family homes. A year ago, that median price was at $1,050,000 and now it's at $1,125,000. Sales were actually down 26.1%, so that's one thing we should be keeping track of, which we saw in previous months (June Stats, July Stats) is that sales volume. We had 425 sales a year ago and now we are at 314.
Days on Market were up 44.4% for homes and that was going from 9 to 13 Days. So, things are slowing down, but the news about back to "Pre-Pandemic Levels" we're not quite there yet. But, that effect of higher interest rates is taking an effect on the market.
Condo Stats
Regarding the condo market on Oahu, the median price was down just .3%. So, unlike the single family pricing that was higher, the condo prices were just off the mark. In August of 2021, the median condo price on Oahu was $500,000. It's just down slightly at $498,500 and the numbers of sales are down quite a bit as well. They are down 24.7%. A year ago, we were seeing 675 condo sales on Oahu and now we're down to 508.
With the Median Days on Market, we're also seeing a slight uptick (which was only a day) up 8.3% going from 12 Days to 13 Days. So, 13 Days across the board for homes and condos. With inventory, we're also seeing a slight increase. It was up 12.9%. So, not as dramatic an increase as single family home inventory, but condo inventory is picking up as well.
Stay tuned - We just wrapped up summer and heading into fall. If there's anything we can help with, feel free to reach out. We're at 808-777-4880. Mahalo