Can you believe we're already midway through June? This is David Buck with Harcourts Island Real Estate and today we're going to report on the local market update for May of 2024.

Local Update for Homes

As far as single family home sales go, Wahiawa saw the largest increase year over year, which was up 133%. That was going from 3 transactions in May of '23 to 7 transactions this past month. Meanwhile, across the board of the 21 major neighborhoods that the Honolulu Board of Realtors tracks, they were up in 8 neighborhoods, flat in 2 and down in 11 neighborhoods for transaction volume.

The median home price in Kapahulu - Diamond Head saw the largest increase here on Oahu year over year. That was up 31% from a year ago. A year ago, the median home price in Kapahulu to Diamond Head was $1,200,000 and this past month it was at $1,568,750.

Local Update for Condos

Condo sales in Kaneohe were up 82%. That was going from 11 sales in May of 2023 to 20 sales this past month. Regarding the overall market here on Oahu that the Honolulu Board of Realtors reports on (there's 21 major neighborhoods), of those major neighborhoods, we saw an increase in sales in 10 of those neighborhoods. They were flat in 3 and down in 8. So, the condo market is being a lot more healthy. As we reported on the overall market earlier this month, condos sales on Oahu were up over 9%.

The median condo price in Kailua-Waimanalo was up 45% year over year. That was going from $682,000 to $990,000 this past month.

That's a wrap for the local market update here on Oahu in May of 2024. As we talk about every month, every market is unique. Whether it be homes or condos, they're all dynamic and constantly changing. Feel free to reach out and give us a shout if there's something specific to you that we can help with. Mahalo!