Spoiler Alert! Central Oahu led the single family home market for this past month on Oahu. This is David Buck with Harcourts Island Real Estate here to give you the local market update for for December of 2022.
Local Update for Homes
As you can see from the backdrop behind me with the beautiful pineapple fields, Wahiawa led that single family home market with a 17% increase year over year. That was going from 6 transactions to 7. Now, the scary part is Wahiawa is the only neighborhood on Oahu that actually saw an uptick in the number of sales. There were 3 neighborhoods where there was zero change whatsoever, but the remaining neighborhoods on Oahu actually saw a decrease in single family home sales. This is a trend we've been seeing across the board with transaction volume down. We talked about it earlier in the month, but prices are holding.
Keeping on that Central Oahu theme, Mililani saw the largest uptick, which was up 34% (year over year). That was going from $950,000 to $1,275,000. Once again, Central Oahu is leading the pack for resilience in single family homes.
Local Update for Condos
The current backdrop is Makaua Village in Kaaawa and the Windward Coast of Oahu saw the largest increase by far with the number of transactions for condos. That was going from 1 sale in December of '21 to 5 sales this year and that was a 400% increase year over year! There were only 2 neighborhoods on Oahu that had an uptick in transaction volume for condos (which was better than the homes, which only had 1). Makakilo was also up 25% and that was going from 12 sales in December of '21 to 15 sales this past month.
Our last topic we're going to cover in our local market update for December is condo appreciation. Diamond Head-Kapahulu saw the largest increase in median sales price, which was up 122%. That was going from $553,000 a year ago to $1,225,000. Most likely the reason for that was there were a lot more sales taking place on the Gold Coast (which is right behind me) vs. across the Kapiolani Park at Pualei Circle. There's a pretty big difference between those two segments of Diamond Head. Both are great locations. Just a little bit different price point.
That's a recap for December of '22. We're well into January with just another week to go. I hope you're having a great 2023 and feel free to reach out to us. Every local market is different. Some are up and some are down, but across the board we are continuing to see that trend of less sales volume, but prices holding a bit stable. Mahalo!