Aloha! This is David Buck and we're reporting from the Harcourts Island Real Estate office in Kahala. Today, we're going to be covering the home and condo stats for May of 2024.

Oahu Home Stats

First off, we're going to dive into the single family homes and there we saw a 5% in single family home sales from May of 2023 to this past month. A year ago, we had 262 home sales on Oahu. This past month we saw 249. Once again, that's a 5% dip in the number of transactions. Regrading median sales price, we saw a 2.2% drop in that median price on the island, going from $1,109,000 to $1,085,000. 

Meanwhile, homes are selling quicker, 33.3% quicker to be exact. A year ago, it was taking 21 days on average to sell a home. This past month, they were selling in 14. That's a good sign for home sellers. Meanwhile, months of remaining inventory (which is a sing of absorption in the market) has been increasing. It went from 2.2 months of remaining inventory a year ago to 2.9 months this past month.That's a 31% increase. 

Oahu Condos Stats

Condo transaction volume painted a little bit different story than single family homes. Whereas, single family homes saw  a dip in the number of deals, condo deals were up 9.1% from a year ago. In May of 2023, we saw 438 transactions take place. This past month we saw 478. Condos did however follow single family homes regarding pricing. The pricing was down 2% from a year ago. We were at $505,000 in May of '23. This past month, it was down to $495,000. 

Meanwhile, the median days on market increased from 20 to 25 days. That's a 25% increase. It's still well under 60 days, which defines the pivoting point for a buyer's or seller's market. In the meantime, active inventory for condos increased 47% from a year ago. So, there's a lot more inventory out there for buyers to chose from.

As we wrap this up here, every market on Oahu is different, depending on the neighborhood or building. If there's something specific to you, feel free to reach out to our team and give us a shout. Mahalo!