Both home and condo sales on Oahu were down over 50% this past month. This is David Buck with Harcourts Island Real Estate here to give you the monthly market update for January of 2023.
Single Family Home Sales
First we're going to start off with the single family homes and there we saw a 54% decrease in the number of sales year over year. A year ago we had 326 single family home sales and now we're down to just 150. So, there's less deals taking place. Unlike the last 4, 5 or maybe even 6 months we've been watching this trend of downward pressure on sales, but prices have been holding.
This is going to be the first month in awhile where the median home price is down. It's down 7.6%. That's going from $1,050,000 to $970,000. So, we're now under a million bucks for the median sales price on Oahu. We're starting to see more opportunities out there for Buyers. The median Days on Market are picking up. They've doubled from 12 Days in January of '22 to 24 Days this year.
We're starting to see an increase in inventory, which is up 77.2%. A year ago there were only 311 homes for sale and now there's 551, which is still relatively low. Prior to the last market cycle, back in '07 people thought inventory was low when we got under 800 homes. Now we only have 551 homes for sale on Oahu. That's something we're going to keep an eye on. Check out this infographic below and then we'll jump into the condo stats.
Condo Stats
Similar to the single family home front, condo transaction volume has actually been dropping down over 50% as well - dropping 50.2%. A year ago in January of 2022 we had 552 condo sales on Oahu and now we're down to just 275. Once again, there's less deals going around. this is a trend that's been in the 30-40% range drop over the last 4, 5 and 6 months. Now, we're seeing over a 50% decrease from January of last year.
As far as median condo price goes, it was down just slightly at 2.9%. A year ago the median sales price was at $510,000. Now, we're at $495,000. It's not a real significant difference. Keep in mind, that deals closing January were most likely starting in December, so traditionally, that can always be a slow month if you look historically. if you look at the graphs of home sales on Oahu. Because, people aren't thinking much about buying or selling during the holidays.
We'll see how things trend as we go forward. We're now into February. The median Days on Market was also up for condos, going from 14 to 24 Days. There's definitely some bidding wars going on in the marketplace. I've heard of some bidding wars on a house in Kahala. Both myself and one of our agents just got outbid on offers we were writing. So, there's still buyers in the marketplace, however pricing is very sensitive.
I am a little bit late getting the report out this month. Today is February 13th. I'm wishing you all a wonderful Valentine's Day tomorrow and I'll be up later this month with the local market update. Mahalo!