Aloha, this is David Buck with Harcourts Island Real Estate. I hope you're having a great 2023 so far and I'm going to start off with jumping into the home stats for this past month, in December.
Single Family Home Stats
We finally saw a little downside to the median sales price for single family homes. It was down a whopping .05% or roughly $500 year over year. That was going from $1,050,000 for the median sales price in December of '21 to $1,049,500. So, prices are holding, dropping $500 across the board on Oahu. .
However, we're seeing that same trend we saw over the last several months where we saw a big drop in the volume in the number of home sales. That was down 46.6%. In December of 2021, there were 378 home sales on Oahu and just this past month there were 202 on the entire island. I was just fortunate enough to participate in 2 (both in Hawaii Kai) of those 202. I'm glad to see that our office is being consistent.
The median Days on Market are picking up. It's taking homes longer to sell. The median Days on Market is now at 25 Days, which is still really great for sellers. But, it was just 11 Days in December of '21. That's 127.3% increase. We are seeing an influx in inventory this month, but we'll jump into that in February because we're now talking about December.
Condo Stats
Well, condos, contrary to single family homes were up as far as the median sales price goes. It was up 3.6% and that was going from $485,000 in December of last year to now $502,500. However, we're also seeing a dip in condo transactions. They're not as bad as homes, but they were down 39.3% from a year ago. In December of '21, there were 593 condo sales on Oahu and now it's down to just 360. So, once again, less trades taking place. Also, a similar trend we saw with single family homes in that the median Days on Market is increasing, going from 13 to 21 Days. That's a 61.5% increase.
This is a trend we've seen over the past 3 or 4 months. Prices are holding, but we're seeing a lot less trades taking place because there's a lot of sellers out there that aren't budging on their prices. They don't really want to sell because of the higher interest rates. Say, if they sell (even if they're making money) say they locked in at a 3% interest rate a year ago and now they're going to have to go buy something at 7%.
We're seeing some stagnation in the market. However deals are taking place. There's just less of them, but prices have still been holding and we'll see what happens as we roll into 2023. In the meantime, once again, I hope you had a great holiday season and feel free to reach out to us if there's anything we can help with regarding your real estate needs here on Oahu. Mahalo!