Can you believe home sales between Diamond Head and Kapahulu were up 78% this past month? This is David Buck with Harcourts Island Real Estate here to report on the local market update for December of 2023. 

Local Market Update for Homes

First off, Diamond Head-Kapahulu saw the largest increase in sales year over year and that was going from 9 transactions in December of 2022 to 16 transactions this past month. Meanwhile, of the 21 major neighborhoods that the Honolulu Board of Realtors reports on, Diamond Head-Kapahulu was only 1 of 6 neighborhoods that saw an increase in sales. 4 of those neighborhoods saw no change whatsoever and meanwhile, 11 neighborhoods were down regarding sales, year over year.

Regarding appreciation on Oahu, Aina Haina-Kuliouou saw the largest increase year over year for single family homes. It was up a whopping 205%! Now, let me explain things here for a second. There were only 3 sales that took place and that median sales price was actually $3,770,000. That was up from the previous year of $1,235,000. The reason for such a huge increase was there were only 3 transactions that took place. The middle of the 3 (which would be the median price) took place on Hawaii Loa Ridge and there was one lower (priced at $1.2 million) and there was actually a sale at $5.5 million that took place on the eastern flank of Waialae Iki. That is by far the highest record sale on Waialae Iki. 

Local Market Update for Condos

Regarding condo sales on Oahu, Wahiawa saw the largest increase. That was up 200%, going from 2 transactions in December of 2022 to 6 transactions this past month. Regarding the rest of the market - of the 21 major neighborhoods on Oahu, they were down in 14. So, 14 of the 21 major neighborhoods on Oahu saw a decrease in condo sales. This doesn't really surprise me because when I reported on the overall market on Oahu earlier this month, condo sales were down 24.4%.

Regarding our final category, we're going to talk about condo appreciation on Oahu. There, we saw the largest appreciation for median sales price take place in Hawaii Kai, which was up 35%. That was going from $900,000 in December of '22 to $1,218,000 this past month.

That's a wrap regarding the local market update for December of '23 and as we all know, every market is different, so if there's something specific to you, feel free to reach out and give us a shout. Mahalo!