Single Family Home Neighborhood Report
Can you guess which neighborhoods showed the most strength for single family homes in March? This is David Buck with Harcourts Island Real Estate here to give you the local market update for March of 2021. Well, we had 2 sectors of the island that saw 167% increase. That would be Kapahulu-Diamond Head as well as Mililani. In both of those neighborhoods we saw sales shoot up from just 9 sales a year ago to 24 sales today.
Meanwhile, as far as appreciation goes, the median price for a single family home in Kahala saw the largest increase which is now up 139%! That's from $1,450,000 to $3,462,500, which is just unheard of. Now keep in mind I'm broadcasting here from our Kahala office and when it's referred to as "Waialae-Kahala", that would be everything including Kahala proper as well as Waialae Iki, Waialae Nui Ridge. So, the data can get skewed a little bit, but regardless that is a significant jump in price going from just about $1.5 million to $3.5 million over the course of a year. However, within that same market segment it's taking homes 56 days to sell, which given our standard of what we've seen across the board for the island of 9 days on market is on the higher end. However it's not as high as the North Shore, because North Shore homes are now taking 78 days to sell, which is the longest it's taking for any segment of the market. However, that's still overall a really good sign of strength for a Seller's Market. As we talked about the last several months, we have just 9 days on market.
Once again, it's a great opportunity for sellers right now and Dianne will be up shortly with the local condo report. Mahalo!
Condo Neighborhood Report
The post pandemic recovery in the condo market continues. 100% of the 21 neighborhoods we follow posted substantially more sales in March , compared with March of last year. Waikiki leads all the other neighborhoods with 120 closed sales in March of this year, an 88% increase from last March. This is Dianne Willoughby with a look at condo sales by neighborhood for March, 2021. Year to date, Waikiki has closed over 240 sales taking the top spot for the most active neighborhood market, an increase of 21% year to date. Other neighborhoods with high numbers for the first quarter are Makiki-Moiliili with 149 sales (up 31%), Ewa Plain with 142 sales (39% increase) and Ala Moana-Kakaako with 128 sales (a 12% increase).
Year to date prices are mixed. In Waikiki, the median price of $395,000 is 2% above last year. In Makiki the median price is stable compared to last year. In Ewa, the median price increase 6% to $546,000 this year. But, the median price in Ala Moana at $560,000 is 16% below last year.
There are opportunities for buyers and sellers in today's condo market. We look forward to talking to you about what these current market conditions might mean for you. Aloha!