Something exciting is happening in the condo market here on Oahu. This is David Buck with Harcourts Island Real Estate, here to give you the market update for March of 2023. First off, we're going to start off with the single family homes and then please stick around. We'll get into that exciting news about the condos at the very end.
Single Family Home Report
On the single family home front, we saw a drop in the numbers of transactions again. This is a trend we've been seeing for many months now. That's down 26.5% regarding the numbers of deals taking place. In March of '22, we had 321 home sales on Oahu and this past month, we saw just 236.
The median sales price is also down for single family homes, which was down 5.8%. That was going from $1,150,000 a year ago to $1,083,750. It's not a drastic change, however it is a chink in the armor. Inventory is picking up for homes on Oahu. It's up over 50% - 50.3% to be precise. The median Days on Market, which is a stat we like to track is up 300%. That's going from 9 Days a year ago to 36 Days now. It's still a seller's market because anything under 60 days is a seller's market, but this is something we want to keep an eye on.
Condo Report
The exciting news I'm going to talk about is we hit a new record price the median sale of a condo on Oahu. That's up 4% from a year ago. A year ago, it was at $515,000 (a record then) and now we're at $536,000! With all the doom and gloom in the news, we hit a new record condo price on Oahu. However, transaction volume is down significantly at 33.9%. In March of '22, we had 672 condo sales on Oahu and just this past month we only 444.
Similar to the single family home market, the median Days on Market was up as well, going from 9 to 24 days. It is taking condos a little bit quicker to sell. Inventory for existing condo listings is pickup up and is up 25.4%. So, not a 50% increase like the homes, but there's a lot more competition out there. It is taking things longer to sell, but every market is different. We just sold a high end oceanfront (supposed to close next week) condo on the Gold Coast and we had multiple offers, all cash buyers. So, it's a real spotty market. You have some segments that are slowing and some that are booming. To find out what's happening in your neighborhood, feel free to reach out. Mahalo!