Can you believe that the median sales price for a home on Oahu was up 8.9% from a year ago? This is David Buck with Harcourts Island Real Estate, here to report on the home and condo stats on the island of Oahu for February of 2024.
Home Stats
First off, we're going to dive into the home sales and there we saw a 3.5% increase in transactions from February of '23. There were 173 homes that sold last year and this past month we saw 179 transactions take place. As we talked about in the intro, the median sales price was up 8.9%. It was under $1 million bucks a year ago. It was at $987,000. This past month, we saw it up at $1,075,000.
So, things are starting to gain steam regarding the market here. Median days on market have actually dropped 36.2%. A year ago, it was taking homes 47 days to sell and now they're at 30. Once again, it's a Seller's Market, but for you buyers out there, active inventory is actually up 9.5% from a year ago. So, there is a lot more to look at. That's exciting news for buyers as are the interest rates are probably lower than they were the same time last year.
Condo Stats
Regarding the condo sales on Oahu, they didn't see as much an increase as we did on the homes, but they were still up 2.8%. A year ago, there were 325 condo sales that took place in February and this past month we saw 334. Meanwhile, we also saw an increase in the median sales price for condos, which was up 6.8%. A year ago, that median sales price was $480,000 and this past month it was at $512,500.
However, unlike the single family homes where we saw a drop in median days on market, we saw an increase on the condo front. So, it is taking condos a little bit longer to sell than homes. That was up 39%, going from 28 days a year ago to 39. It's taking things a little bit longer to sell, but it's still technically a Seller's Market for condos as well.
That's just an overall broad stroke of the island on Oahu for February of '24. Stay tuned later this month as we'll be diving into more of the local market updates and as we talk about every building and every neighborhood is different. If there's something specific to you, feel free to reach out and give us a shout at 808-371-3509. Mahalo!