Can you believe that we've already breezed through the month of October? I've still got some remnants of playing the Wolverine. Today, we're going to talk about the October home stats for Oahu. This is David Buck with Harcourts Island Real Estate 

Single Family Home Stats

First off, regarding the median home price on Oahu, it remained flat or unchanged. Year over year, it's still at $1.1 million compared to October of 2023. Meanwhile, sales of single family homes on Oahu were up 22.5% from a year ago. That was going from 213 sales to 261 sales. 

Meanwhile, days on market are dropping slightly, down 11.1%, going from 18 to 16 days. So, homes in that lower price range that are tending to move fast even though we're well into the fall heading into winter. Last, but not least we are seeing an uptick in active inventory. It was up 18.4% from a year ago. At the end of last month, there were 741 homes for sale on Oahu.

Condo Stats

Meanwhile, we saw a little more uptick in the median sales price for condos on Oahu. We saw a 1.9% increase year over year. That was going from $515,000 a year ago to $525,000 this past month. Meanwhile, sales were actually up as well. They were up 1.5%. They were up a whopping 6 more condo sales than there were a year ago. A year ago there was 399 condo sales on Oahu and this past month we saw 405. 

Unlike the single family home market that was trending down for days on market, the condos are ticking up a bit in the sense that days on market are up 23.8%. That's gone from 21 to 26 days. We're also seeing a significant increase in inventory, which was up 49% from a year ago. Although prices are up slightly with condos, we're a lot more competition among condo sellers. There's some projects in town that have a lot of inventory for sale. So, if you're in the market for a condo, now might be a great opportunity to buy.

Summary

That's a wrap for this month, reporting on the October, 2024 sales stats here on Oahu. We look forward to reporting on the local market update later this month and stay tuned until then. Mahalo!