I can't believe it! We hit another record median price for both homes and condos on Oahu, in the month of May. This is David Buck with Harcourts Island Real Estate here to give you the latest stats from this past month.
Single Family Home Stats
First off, we're going to cover the single family homes and there we saw sales that were actually down 15.1%. There were 344 trades, which was down from 405 the previous year. Regarding the median sales price, which is the big stat we are going to talk about today, it was up 17.9%, going from $978,000 in May of '21 to $1,153,500. So that's a whopping (nearly 20%) 17.9% increase year over year.
Days on Market have increased slightly, up 25% for homes, going from 8 Days on Market to 10 Days on Market, which is still a great environment to be in for (Sellers of) single family housing on Oahu. inventory has also been picking up. There's 39.8% more inventory than there was a year ago. There's 471 homes for sale. Whereas a year ago, there was 337.
While the numbers of transactions were dropping for single family homes that were down 15.1%, condo transactions were actually up 15%, going from 598 sales in May of 2021 to 688 sales this year. That's on top of another record month, which is now at $516,500 for the median sales price of a condo on Oahu. That's up 12.8% from a year ago, which at that point in time was $457,750.
Median Days on Market is actually dropping for condos, going from 12 Days to 10. That's a 16.7% drop. Next, we're going to jump into the inventory of condos. New listings are just up slightly going from 683 new listings coming online a year ago. Now, we're at 687. But, active inventory is down just slightly 4.5% from a year ago. Unlike the bump we've seen in single family stock, the condo market is actually taking a little drop, going from 983 active listings a year ago to 939 listings in May of this year.
To learn more about what's happening in your market, feel free to reach out. We can be reached at 808-777-4880. Mahalo and hope you're having a great summer thus far. Aloha!