Did you know that home prices were up again last month? This is David Buck with Harcourts Island Real Estate here to give the market update for November of 2022. First off, I want to say I hope you all had a great Thanksgiving. We're now in the first week of December. Today is December 7th, which is a big historic day here on Oahu, with the bombing of Pearl Harbor. It was wonderful to see all of those vets out there in town and the parade here this afternoon. Now, let's jump into the stats.
Single Family Home Stats
We hit another month where the median sales price was up. It was actually up 9.5% and that was going from a median sales price in November of '21 of $1,050,000. Now, we're at $1,149,500. So, with all the doom and gloom you hear in the news, not everything is bad. Also, you'll see in a second not everything is so rosy either.
Home sales were down 48.2%. That was going from 371 sales a year ago to 192 sales this year. Median Days on Market are up quite a bit, up 63.6%. That was going from 11 Days a year ago to 18 Days. Active Inventory is up 86.3%. So, if you're a home buyer in the market, there's a lot more to choose from.
Condo Stats
The median condo price on Oahu saw a little dip. It was down 4%, year over year. That was going from $500,000 in November of last year to now $480,000. Condo sales were also down quite a bit, down 43.4% from a year ago. A year ago, there were 601 trades on Oahu. Now there's 340 condo sales.
Median Days on Market were up 100%, matching the single family home Days on Market at 18 Days. A year ago it was taking just 9 Days to sell condos. Last, but not least, inventory for condos didn't shoot up as much as the single family product. There's 20.4% more condos on the market now then there was a year ago.
To find out more about what's going on in your particular neighborhood or if you want to talk about the market, give us a call. Otherwise, we hope you're enjoying this first week or two of December. Mahalo!