I can't believe we're into the 4th quarter already. We're starting off October and looking back on the September sales stats for 2023. This is David Buck with Harcourts Island Real Estate.
Single Family Home Stats
First off, we're going to continue on a trend we've talked about for months now where we're seeing a drop-off in sales volume and that was down 16.5%. A year ago, there were 278 single family home sales here on Oahu and this past month we saw just 232. Meanwhile, we saw a drop in median sales price as well, going from $1.1 million to $1,050,000. That's a 4.5% decrease. Then, median days on market are creeping up 11.1% and that was going from 18 days to 20 days.
This is compounded on the fact that from 2 years ago we saw a drop through last year. Overall, single family homes sales on the island are down 45%. So, stay tuned. It's not all doom and gloom. We're going to have a little bit of positive news on the condo front.
Condo Stats
I take that back. There's a little more bleak news regarding the condo market. There, we saw a 24.2% drop in the number of transactions. That was going from 496 condo sales a year ago to just 376 this year. That's the end of the bad news. The good news is that the median condo price on Oahu is up 6% and that was going from $502,500 to $532,500. So, there's a little bit of silver lining for sellers in the market right now.
The good news for sellers is there's a still a little amount of inventory in the big scheme of things. Similar to the single family home report, we're seeing this compound effect. So, year over year from 2 years ago, there's a 47% drop in the number of condo transactions. Because, a year ago we were down in the 30 some odd percentile off the top of my head. Then, it took an additional 24.% drop in deals this year.
Summary of Market
Deals are still happening out there. Interest rates are taking a toll on our market. However, the good news is there's a lot less competition if you're a buyer out there. From a seller's standpoint, there's not a lot of inventory. So, every market is different. If you have questions about your market, we're really excited we're launching a few new listings this week.
Harcourts Auctions and Our Team Growing
We're actually going to be re-introducing Harcourts Auctions to the marketplace here on Oahu. Last, but not least I wanted to share with you that we hired 2 new agents this past week. This first of which is Cynthia Scott:
Cynthia Scott, Realtor Associate
She was with Harcourts Prime in San Diego and loved the brand so much. She's been working the Las Vegas market the last few years with Douglas Elliman, but she's newly licensed here, living on the windward side. So, keep Cindy in mind. We also hired Michelle Belch over on Maui.
Michelle L. Belch, Realtor Associate
She lives on the west side of Maui, but she services the entire island. She just took a new listing to market yesterday in Kihei. It's a 2 bedroom, 2 bathroom legal vacation rental for $1,295,000.
Maui Vista #1410 for $1,295,000
So, feel free to reach out to Michelle if you've got questions about that. In the meantime, I'll be back later this month to talk about the local market report and enjoy this fall season. Aloha!