Well, I can't believe summer is already in the rear view mirror. This is David Buck with Harcourts Island Real Estate, here to report on the sales stats for homes and condos on Oahu in August of 2023. First, we're going to dive into the single family home stats.
Single Family Home Stats
We saw the numbers of transaction for homes were down 19.7% from a year ago. That was 314 sales in August of 2022 and this past month, we only saww 252 sales. Once again, that's a 19.7% drop. Meanwhile, the median sales price was down 1.4%. A year ago, the median sales price for a home on Oahu was $1,125,000 and now it's at $1,110,000.
In the meantime, it's taking things a bit longer to sell. The median days on market are up over 38%. That was going from 13 days a year ago to 18 days. It's still not bad. It's not "doom and gloom", but things are definitely slower. This is compounded on this time last year, which was slower than the year before.
Condo Stats
The transactions taking place diipped by 16.9% for condo sales on Oahu. A year ago, we had 508 sales. This past month, we only saw 422. Meanwhile, we saw an increase in median sales price for condos, which was up 3.3%. A year ago, that median sales price was $498,500 and today it's at $515,000.That's a slight bump up in median sales price.
The median days on market followed the exact same trend as the houses. There, we saw a 38.5% increase as well, going from 13 days on market to 18 days on market. To find out what's going on in your particular neighborhood, because this is all across the board on Oahu. Every neighborhood and every building is different. Give us a shout and we'd love to help. Mahalo!