Can you believe that active inventory for condos on Oahu is up 61.8% from a year ago? This is David Buck with Harcourts Island Real Estate. Today, we're going to talk about the housing stats for July of 2024. First off, we're going to start off with some optimistic news on the single family home front. Then, we're going to dive into the condo stats.
Single Family Home Stats
First off in single family homes, we saw an increase in single family homes year over year, which was up 20.1%. A year ago, there were 224 home sales on Oahu in July. This past month we saw 269 (sales). Meanwhile, the median sales price for a single family home on Oahu was actually up 4.6%. A year ago, that was at $1,090,000. This past month, we were at $1,140,000. So, that's a nice step up.
If you're a buyer in this marketplace, one positive sign is active inventory for homes is up 22.2%. Now, keep in mind, there's only 722 homes for sale on Oahu. I think back to over 15 years ago, before the financial crisis. This was back in '06 to '07 when there was little inventory on Oahu. We were talking about when there were only 800 homes for sale. Well, today, there's only 722 homes for sale as of last month. So, it is still a seller's market here on Oahu. However, inventory is up 22.2%. So, there is a lot more to chose from if you're a buyer in the marketplace.
Condo Stats
Ok, now regarding condo sales on Oahu, the sales were actually down 7.8%. That's actually positive news because a month ago, when we reported on June of '24, condo sales were down over 24% from a year prior in June of '23. This is a step in the right direction, even though sales were down over 7%, it's not as bad as the previous month. A year ago, in July of 2023, there were 422 condo sales on Oahu and this past month we saw 389. Once again, that's a 7.8% drop in the number of condo transactions. Now, if you're an optimist and a condo owner, the median sales price was up 1.8%. That's not a whole lot, but it went from $500,000 to $509,000.
Now, we're going to report on that initial stat I reported on in the beginning of this video, where condo inventory on Oahu was up 61.8%. That is a significant jump. In July of '23, there were 1,154 condos for sale on Oahu and this past month we saw 1,867. That's over 700 more condos for sale than there were a year ago. So, if you're a buyer in the marketplace (we talked about this last month), now might not be a bad time to jump into the condo market because there's a lot more inventory.
To put things into perspective, when we talked about the single family home stats earlier in this segment, there were 722 homes for sale. The increase in condo inventory over this past year was just about as much as all of the homes that are for sale on the island of Oahu. Like we talk about every month, every market is different on this island. Later this month, we'll jump into the local neighborhood updates, but if you have specific questions about a neighborhood and what's going on in different parts of the island, feel free to reach out and give us a shout. Mahalo!