Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to talk about the monthly stats for November of 2024.
Single Family Home Stats
First, we're going to dive into the single family homes and there we saw a 12.8% increase in sales year over year. In November of 2023, there were 180 home sales on Oahu and this past month we saw 203. Meanwhile, the median sales price was up just 1.4%. A year ago, it was at $1,100,055 and this past month we were at $1,115,000.
Meanwhile, the median days on market were down slightly. They were down 17.2% and that was going from 29 days to 24 days this past month
Condo Stats
The condo stats were a little more optimistic compared to the single family homes in that you saw a larger increase in sales year over year. Condo sales were up 10% from a year ago. A year ago we had 310 condo sales on Oahu and this past month we saw 341. In addition to that, the median sales price was up slightly more than the homes at 2.7%. A year ago that median sales price was at $516,179 and this past month we were at $530,000.
However, it is taking condos a lot longer to sell do to that build up of inventory we've been talking about in the condo market. Median days on market are up 39.1%. So, it's taking condos a lot longer to sell. In November of 2023, that median days on market was at 23 days and this past month we were at 32 days.
Approaching a Buyer's Market for Condos
Finally, I want to cover how we here on Oahu are finally are just on that "teeter totter" point of entering into a buyer's market for condos. I've been talking about this for months. Here's a graph of months of remaining inventory.
Months of Remaining Inventory Going Back to November 2021
This is typically a good barometer according to the National Association of Realtors as to what indicates a Buyer's Market vs. a Seller's Market. They always say that anything at 6 months or above is going to indicate a Buyer's Market. Right now in the condo market (this goes back 3 years) you can see 3 years ago (condos are the yellow line), we were hovering around 1.5 months of remaining inventory. Now, we're up to well over 5 months. We're at 5.6 months nearing that 6 month "tipping point."
If you're a buyer right now, now could be a great time to get into the condo market. Because of what I've been talking about the last several months. Feel free to go back on watch my previous articles on Hawaii Real Estate News.
Let us know if there's anything I can help you with. I can be reached at 808-371-3509. Mahalo!