Aloha, this is David Buck with Harcourts Island Real Estate. I'm here to report the local market update of November of 2022. We're in full swing gearing up for Christmas, just a few days out. The stats were released a few days back and I wanted to share with you some insightful throughs of what areas were showing strength here on Oahu, as well as what's going on in the overall market.
Local Neighborhood Report for Homes
First off, we're going to talk about Moanalua-Salt Lake. There, we saw the largest increase in sales year over year. That was up 75%, going from 4 transactions a year ago to 7 sales this year. Aina Haina-Kuliouou was the runner up. There was a 67% increase, going from 6 yo 10 sales. Overall on Oahu (transaction wise), 16 of the 21 neighborhoods we track with the Honolulu Board of Realtors were actually down for numbers of transactions. So, those 2 neighborhoods I just shared were kind of outliers in a sense. Then, 3 neighborhoods were unchanged with no change in sales volume. Across the board, almost every neighborhood you look at, we're seeing a drop in transactions, which we covered earlier in the month with the general market. There, single family home sales were down nearly 50%.
Not only did Aina Haina-Kuliouou see the 2nd largest gain in transactions this past month, it also the largest increase in median sales price. That was up 110% year over year. That was going from $1,263,500 to now $2,647,500. That's more than doubling in the median sales price. We talked about this in the past, however most likely the reason for that is between Aina Haina and Niu Valley is Hawaii Loa Ridge, where you have a median sales price north of that $2.6 million range. That brings up the area as a whole when you see more transactions taking place on Hawaii Loa Ridge.
Regarding prices on Oahu, it's a different trend than numbers of sales. Actually, prices were up in 9 of 21 neighborhoods. So, it's quite a different story compared to sales transactions. Prices are holding like we talked about earlier in the month. Actually, across the board, the median sales price for homes was up on Oahu in November, compared to last year. However prices were down in 8 of those 21 neighborhoods. So, more neighborhoods were up than down, but we were seeing a drop in some prices in some neighborhoods. There were also 4 neighborhoods that were unchanged.
Local Neighborhood Report for Condos
Regarding the condo market on Oahu, Wahiawa and the Windward Coast were in a tie for the increase in numbers of sales, year over year. They were both up 50%. That was pretty simple with them both going from 2 transactions last year to 3 transactions this year. Diamond Head-Kapahulu was the runner up. There we saw a 20% increase in transaction volume year over year. That was going from 5 transactions to 6 transactions. The remainder of all the neighborhoods were down, following a similar trend we saw with the single family homes. In 18 of the 21 neighborhoods on Oahu, we saw transaction volume on condos dropping from November of last year. So that's a trend we're seeing across the board. Just a lot less transactions taking place. Next, we'll jump into some condo neighborhoods that were outliers and saw an uptick in pricing year over year.
The North Shore of Oahu, this is a trend we've been talking about, basically all year - "bucking the trend" - we're seeing a huge increase in the median price, which was up 74%. That was going from $417,000 to $725,000. I talked about it maybe a month or two back in how Ocean Villas at Turtle Bay and both Kuilima East and West that are these outliers setting their own trends as far as prices go on Oahu. Meanwhile, condos were up in more neighborhoods than single family homes with 10 of 21 neighborhoods being up with median sales price year over year. Prices were down in 9 of the 21 neighborhoods. So, similar to the single family market, we're seeing more neighborhoods with up pricing than down pricing. There were 2 neighborhoods unchanged.
I just wanted to wish everyone out there a Merry Christmas as we head into Christmas in a few days. Give all your loved ones hugs and we'll be back early next year, if not sooner. Aloha!