Aloha, this is David Buck with Harcourts Island Real Estate here to report on the local market update for August of 2023. I'm a little late to bring you up to speed as we're rounding out the tail end up September. However, there's some exciting news about some of the neighborhoods here on Oahu.
Local Update for Homes
Downtown to Nuuanu saw the largest increase in single family home sales year over year. That was going from 3 to 7 sales. However, across the board 12 of the 21 major neighborhoods here on Oahu saw a slump in sales. Downtown to Nuuanu definitely was an outlier.
Moanalua to Salt Lake saw the largest appreciation for single family homes and there we saw a 22% increase. That was going from $1,100,000 in August of 2022 to now $1,339,500.
Local Update for Condos
The North Shore of Oahu continued to show strength and year over year it took the cake for the highest increase in the number of sales. In August of 2022, we only saw 4 transactions take place and we saw 8 this past month. That's a 100% increase. However, similar to the single family homes, the rest of the neighborhoods, 13 of the 21 to be accurate saw a dip in the number of sales. That's over half of the major neighborhoods saw sales decrease year over year.
Waialae Kahala saw the largest appreciation year over year for condos here on Oahu. That was going from $337,500 a year ago to $659,000 this year. That's a 95% increase in median condo price here in Waialae Kahala. Most likely the reason why was we saw a lot of trades a year ago at Kahala Beach Apartments. Because, at under $400,000, you're not going to find a fee simple condo here in Kahala. I hope that helps. If you have any questions about your particular neighborhood or building, every one is different and they're all going through different scenarios now in this market. So, feel free to reach out to us to see how we can help. Mahalo!