Local Report for Homes
Once again it was a strong month for the North Shore of Oahu, which has really shown its resilience during this COVID epidemic because sales were up 125% from December of 2019. Sales shot up from 8 sales the previous year to 18 sales this year. We also had two other neighborhoods fall slightly behind with a 100% increase in the number of sales. That was the Diamond Head-Kapahulu neighborhood where sales jumped from 14 to 28 sales over the course of a year. Wahiawa was also up 100% in the number of sales, which went from 5 to 10 in December.
The word is also getting out in Wahiawa because it also saw the largest increase in new listings coming to market. There were only 3 new listings that came to market in December of 2019, whereas there were in 11 in December of 2020. That's definitely a market to keep an eye on. Wahiawa is a rural area and could be due to demand during COVID.
The median sales price across the island saw the largest spike in Aina Haina-Kuliouou and that was up 72% from December of 2019. Most likely what was driving that were a number of sales that happened up on Hawaii Loa Ridge, which falls in that sector of east Oahu. Price points there are a little bit higher and gated communities are a little more appealing during COVID as well. We'll have to keep an eye on that sector. Once again, December finished off the year strong for Oahu and it'll be interesting to see how the neighborhoods fair as we roll into 2021.
Local Report for Condos
As everyone knows, 2020 was a very unusual year for residential sales in Hawaii. While the single family home market performed at record levels, condo sales lagged for most of the year, rebounding with a strong finish in December, but still down 13% overall from 2019 levels. There were some bright spots however. Can you guess which neighborhoods had more sales in 2020 than in 2019?
Windward Oahu communities and the Ewa Plain were the hottest neighborhoods in 2020. The Ewa Plain closed 539 sales last year, which is 6% more than in 2019. The median price in Ewa at $530,000 was up by 4% compared with last year. The number of sales in Kailua-Waimanalo was up by 21% to 140 sales last year and the median price was up 1% to $599,000. However at the other end of the market two of our most condo centric neighborhoods had fewer sales in 2020 than in 2019.
The number of sales in Makiki-Moiliili was down by 9% but the median price was steady. In Waikiki, the number of sales was down by more than 30% and the median price slipped by 2% to $399,000. Whatever neighborhood you choose, we can help you understand the dynamics of the market. We home to talk to you soon with any questions you have about real estate. In the meantime, take care of each other, be well and don't forget to keep washing your hands. Aloha!