Can you believe the that median sales price for a single family home on Oahu was up 6% from a year ago? This is David Buck with Harcourts Island Real Estate and today we're going to report on the market stats for September of 2024.
Single Family Home Stats
First off, we're going to dive into the single family homes and as I mentioned that median sales price for a home on Oahu was up 6% from a year ago. A year ago on Oahu, that median sales price was $1,050,000 and this past month it was at $1,112,722. So, that's a 6% increase in median sales price year over year. Meanwhile the number of sales on Oahu dropped year over year. There's less deals taking place. It was down 6.5%. A year ago, there were 232 homes that sold on Oahu in September and this past month we were at 217.
The good news is the median days on market was down slightly. It went from 20 to 19 days. Keep in mind, that's island wide in all price points. Last, but not least when we're talking about the single family homes, we're going to talk about inventory. So, inventory has been increasing. Active inventory is up 27.5% from where it was a year ago. There's a lot more to choose from for buyers that are in the marketplace. Stay tuned as we're going to dive into the condo stats next.
Condo Stats
The condo market wasn't as strong as the single family homes and you'll see why. First off, we're going to talk about that median sales price and that was down year over year. It was at $532,500 a year ago and this past month we were at $517,500. That's a 2.8% drop in median sales price. Condo sales were also down, but in the single digits, which is actually a "good thing" compared to what we were talking about the last several months. So, the number of condo sales were down by 10 deals. There were 376 condos that sold a year ago. This past month we saw 366 and that's a 2.7% decrease in condo sales.
Meanwhile, median days on market have increased for condos. A year ago it was at 21 days and now we're at 31 days, which is a 47.6% increase. That's quite a jump. So, it's taking another 10 days to sell a condo than it was a year ago. Keep in mind, once again this is island wide across the board. The next category we're going to talk about is active inventory. Similar to single family homes, active inventory is up for condos. It was actually up quite a bit more. It was up 58%. A year ago, there were 1,194 condos for sale on Oahu and this past month we saw 1,867. So, that's a huge increase in condo inventory year over year.
Summary
As we talk about, every market is different. Once again, this is island wide. Every neighborhood on the island of Oahu that the Honolulu Board of Realtors reports on. If you want something specific to your neighborhood or your condo project here on Oahu, feel free to reach out and give us a shout at 808-371-3509. Mahalo!