Well, we have a new record price for condominiums here on Oahu. We're going to jump into that shortly, but this is David Buck with Harcourts Island Real Estate and I'm here to give you the monthly stat report for June of 2022.
Single Family Home Stats
First we'll dive into the single family product and there we didn't hit a record, but it was a healthy gain from a year ago. We were up 12.4% as far as the median price goes. In June of 2021, that median price was $979,000 and we're now at $1,100,000. So, that's a pretty good year over year jump in appreciation at 12.4%. However, with that said transaction volume is down significantly at 20.8% as far as the numbers of sales go. We had 357 sales this past June, whereas the previous year we had 451. So, that's just over a 20% drop in the numbers of transaction, but prices are still up there.
Days on Market are ratcheting up just slightly, up 25% going from 8 Days to 10 Days. The big thing to keep an eye on is the inventory. We've been talking about for many, many years that there's no inventory. Well, for the single family product, inventory was actually up 39% year over year. That was going from 377 active listings to over 500 (527) this past month. That's healthy for more buyers coming into the marketplace and summer is typically a big transitional and moving time of year. So, it's actually a good thing we're seeing more inventory as it will be more of a traditional market.
Condo Stats
We're here to talk about that record condo price on Oahu, which was up 16.1% from June of '21 and now the new record on barometer on Oahu is $534,000 for the median sales price. Like I said, that's a 16.1% increase, up from $460,000 just a year ago. Transaction volume or sales were down, similar to the single family market, however not as much. We were down 14.2%. Whereas earlier when we were talking about the single family product was down over 20% for sales volume.
The Days on Market were basically flat. with 11 Days on Market last year as well as this year. So, it's still very healthy for sellers. Unlike the single family housing market, active inventory was actually down 2.6%. Remember we talked about it being up 39% for homes? Well, it's down 2.6% for condos. We're following a similar trend we talked about in the May stats where the condo market is trying to catch up. This is because the single family market was on fire all through COVID and the lockdowns, where people were getting out of condos and into houses. Now, it's an affordability thing where people are priced out of houses and can't afford them as much.
The condo market is gaining steam as is the inbound traffic in buyers from both domestic and overseas. Hawaiian Airlines just announced that they added their New Zealand bound flight again. So, we're going to start seeing some more Kiwis coming to town. We love our Kiwis as that's where Harcourts was founded back in 1888. To find out more about what's going on in the market and specific to you, feel free to reach out and we'd love to help. Mahalo