Single Family Home Local Neighborhood Update
Hawaii Kai and Moanalua-Salt Lake had the largest increase in sales. Both neighborhoods were up 50% from August of 2019. Surprisingly Mililani saw the largest drop in the number of sales, which was down 44%. Military families are still PCSing here during COVID, so not really sure what is happening there?
The largest gain in median sales price was on the North Shore, where prices jumped 58% from $798,000 a year ago to $1,262,500 in August of this year.
Condo Local Neighborhood Update
As we've reported for the last few months, the condo market on Oahu is recovering from the initial shock of the first statewide COVID lockdown. The rate of recovery is slow when compared to the single family home market. When we focus on neighborhood level market activity, there are a few places on the island with noteworthy sales.
From January-August, Waialae-Kahala had 33 sales this year, 10% more sales than the number of sales through August in 2019. Kaneohe had 136 sales, which was an increase of 11% compared with last year and there were 83 sales in Kailua-Waimanalo, 4% more than through August of 2019. However, median sales prices in all 3 markets were down. Waialae-Kahala posted a median price of $515,000, which was 7% below the median price for the same neighborhood last year. The median price in Kaneohe at $555,000 is down by 4% compared with last year and the median price in Kailua-Waimanalo at $639,000 is 2% below the 2019 median price for the neighborhood.
Waikiki continues to post sluggish sales. There were 432 closed sales in Waikiki year to date, 36% fewer than the number of closed sales in 2019. The median price at $390,000 is down by 2% compared with last year. Inventory was down in August in 13 of the 21 neighborhoods we follow.
Interest rates remain historically low. So, this may be a good time to explore your options if you're thinking of buying or selling a condominium. Take care of each other, be well and don't forget to keep washing your hands. Aloha!