Single Family Home Stats
Well, we hit another record for single family homes here on Oahu. Previously, we were at $1,050,000 and stuck in that number for many, many months. Now, for February of 2022 the new record price is $1,125,000! That's up 22.6% from February of 2021, where the median sales price was $917,500.
As far as the number of sales go for single family homes, there was actually a drop in transaction volume, going from 260 sales a year ago to 241 now. That's a 7.3% decrease. There's just less homes for sale, hence the record sales price. Days on Market are also creeping up. They were just at 7 Days a year ago and now they're about 13 Days for single family homes. Stay tuned, we'll drop into the condo market shortly.
Condo Stats
Well, the condo market in February had a great run as well. Prices were up 8.6% compared to February of '21, where the median sales price for condos was $457.500 and now they're at $497,000. That's a nice increase, just not as crazy or drastic as the single family home market. It's taking condos longer to catch up, but velocity and speed of sales for condos is actually contrary to the single family home market. Sales increased from 9% from a year ago, going from 446 sales to 486 sales. Days on Market actually dropped 22.2%, going from 18 Days a year ago to 14 Days this year.
That's the market recap. I'm David Buck with Harcourts Island Real Estate. If there's anything we can help you with, give us a call at 808-777-4880. Mahalo!