I can't believe we're already in February. This is David Buck with Harcourts Island Real Estate and I'm here to report on the market stats for January of 2024 here on Oahu.
Oahu Home Stats
First off, we're going to dive into the single family homes and there the biggest stat that stood out at me was sales for single family homes (year over year) were up 22.7%. In January of '23, we saw an anemic only 150 home sales on Oahu. This past month we saw 184. That's a nice bump up in sales and that's by far the largest outlier for transactions in stats that we've seen, year over year. So, that's promising for the market here on Oahu. Condos weren't as robust, but we'll dive into those after. Meanwhile, while we're covering the single family homes, the median sales price was up 5.3%. A year ago it was at $970,000. This past month, we were at $1,021,016 to be exact for that median sales price.
Median days on market are increasing. They've gone up 20.8% from 24 days a year ago to 29 days. It's taking homes a little bit longer to sell. Months of active inventory is also up 40%. It was 2 months a year ago and now it's 2.8 months, which is good for buyers because there's a little bit more to chose from.
Oahu Condo Stats
Regarding the condo stats on Oahu, we haven't seen as much an increase in sales year over year as we have the single family homes. However, condo sales were up 6.2% from a year ago. A year ago, we had 275 condo sales in January and this past month we saw 292. We also saw a little tick up in median condo price, which was up 1.5%. That was going from $495,000 to $502,500.
The median days on market are also increasing, going from 24 days to 29 days. That's a 20.8% increase, which is identical to the increase in median days on market for homes. Meanwhile, months of remaining inventory are also up quite a bit, 45.8%, going from 2.4 months to 3.5 months. Once again, that's a good sign for home buyers that are out there. However it is still considered a Seller's Market with the tight inventory that we have, in that anything less than 6 months of remaining inventory is considered a Seller's Market according to the National Association of Realtors.
So, that's it for the overall market stats. I'll be up later later on in the month to cover the local market report here on Oahu and in the meantime, I hope you all have an awesome Valentine's Day this coming week and we'll catch up soon. Aloha!