Aloha, We're here to talk about the local market update for October of 2023 and we're finally starting to see a leveling off or balance in home and condo sales.
Local Report on Homes
First off, we're going to start off with the single home sales and Downtown-Nuuanu saw the largest increase year over year from October of '22 to this past month. There, we saw 4 sales a year ago and we had 8 take place this past month (100% increase). In the 21 major neighborhoods on Oahu (tracked by the Honolulu Board of Realtors), only 10 were down regarding sales volume. That's a big change relative to what we've been seeing with the majority of the neighborhoods being down. So, only 10 of the 21 or half were down regarding the number of sales.
Regarding the median sales price for October, Aina Haina-Kuliouou saw the largest increase year over year, which is up 62% and that was going from $1,496,625 to $2,427,500. That significant gain of 62%, there's normally a story we see behind that when there's a jump like that because more trades were probably taking place in Hawaii Loa Ridge vs. say Aina Haina, Niu Valley and Kuliouou, where you can see homes trade in that $2 million range. However, normally when you see the median price north of $2 million, it's because we're seeing more sales volume taking place in Hawaii Loa Ridge.
Local Report on Condos
Waialae-Kahala saw the largest increase in sales year over year. It's up 100%, however that was only going from 1 sale a a year ago to 2 sales, but it was the largest percentage increase. Another promising thing here for our market is that although sales were down in 11 of the 21 neighborhoods, it's still roughly half. That's a big turnaround from earlier this year and last year, when we were seeing 80 and 90% of the neighborhoods being down. Now, it's just roughly half.
The largest condo appreciation was found between Kapahulu-Diamond Head. There, the median price was up 35% year over year, going from $825,000 to $1,115,000. To find out what's happening in your specific neighborhood, because they are all different, and they're constantly changing, feel free to reach out to our team here at Harcourts Island Real Estate. We can be reached at 808-777-4880.
In the meantime, have a Happy Thanksgiving. Mahalo!