Can you believe that home sales on Oahu dropped 43% from a year ago? It's to believe... This is David Buck with Harcourts Island Real Estate here to give you the monthly statistics for April of 2023.
We started this off saying that home sales on Oahu have dropped 43%. If you look back in April of last year, we saw 365 single family home sales on Oahu. Now, we just had 208 this past month. In addition to that, we saw a dip in the median sales price, which was down 9.5%. In April of last year, we had a median sales price of $1,105,000 and now we're at $999,995 (just under $1 million bucks) for that median sales price of a house on Oahu.
The median Days on Market have also shot up from just 10 days (which was a crazy market a year ago) to 24 days, which is still considering a "seller's market". With that said, these last several years have been very challenging for buyers and now there's a lot more opportunities ini the marketplace for buyers. The active inventory is up 35.4%. A year ago, there were only 395 homes for sale on Oahu. Now, there's 535, so there's a lot more to choose from. If you're a buyer in the marketplace, we're in May, heading into summer and there's some opportunities out there. As the market is softening, there's not as many bidding wars. If you're a buyer, you're in a much better environment than a year ago because rates were already starting to get up there in April of last year.
Condo sales also took a dip on Oahu, which weren't down as much as the homes. But, they were down 37.5% from April of last year. Last year there were 672 condo sales on Oahu. Now, there's just 420. So, we're continuing to see of softening across the board. However, regarding the pricing on condos, if you recall last month we talked about the median condo price on Oahu hit a record high. Now, this month we're reporting we're down just 2% from a year ago. So, that's not as much a correction as there was in the single family home market, which was down almost 10%. The median sales price for aa condo on Oahu is now $500,000. Whereas, a year ago it was at $510,000.
We're also seeing an increase in median Days on Market, which was up 66.7%. That was going from 12 days to 20 days. Things are moving quite briskly if they're priced correctly. Another positive side we talked about for buyers as we talked about on the homes is that active inventory is up. It didn't increase as much on the condo side as single family homes, but we saw a 24.8% increase in active condo inventory. In April of last year, there were 917 condos for sale. Now, we have 1,144. These are resale by the way. They are not new construction such as new condo towers coming up in Honolulu. We can dive into that, but I'll put a link here if you want to dive into new condo opportunities are. When we go over these monthly stats, we're strictly talking about resales.
That's a recap for April. Stay tuned as in a week or two here we'll report on the local market update. Otherwise, I hope you're having a great May and wishing all those wonderful Mothers out there a wonderful Mother's Day this weekend. Mahalo!