Well, there's one section of east Honolulu that took the cake for January. This is David Buck with Harcourts Island Real Estate here to give you the local market update for January of 2023.
Local Neighborhood Report for Homes
There, we saw Aina Haina-Kuliouou with an increase by 20% in the number of sales year over year. That was going from 5 sales to 6 sales. Every neighborhood on Oahu, besides 3 was down regarding the numbers of transactions. That's a trend we've seen across the board. There were 3 neighborhoods that were flat or zero change. But, otherwise outside of that section of Aina Haina-Kuliouou, every other neighborhood took a dip in sales.
That same zone actually saw the largest increase in median sales price. So, Aina Haina-Kuliouou, which includes Niu Valley (behind me in video) saw that median sales price up by 70%. That was going from $1,350,000 to $2,294,000. As expected, when you see that bump up year over year in that zone, Hawaii Loa Ridge normally has more transactions, which was the case. Of the 6 sales that took place last month in that zone, 3 were on Hawaii Loa Riidge, 2 were in Niu Valley and the highest sale last month in that Aina-Haina-Kuliouou zone was actually in Niu Beach for $3.4 million. That was not a waterfront property either. It was on the interior of the circle. So, it was kind of interesting to see non-oceanfront in that zone trading higher than the sales up on Hawaii Loa Ridge. If you stay tuned, I'll talk more about the condos.
Local Neighborhood Report for Condos
Waimanalo-Kaliua saw the largest increase in sales year over year. That was going from 6 sales to 7 sales. That's a 17% increase year over year. 2 of the neighborhoods on Oahu saw zero change and the rest were down. It's kind of interesting to see the condo market following the single family home market in that just 1 neighborhood was up for transactions. As we talked about earlier in the month, sales for condos were down over 50%, as were homes in January. So, it's no surprise to see very little neighborhoods saw an uptick in the number of sales.
Regarding the median condo price on Oahu, surprisingly 1/3 of the neighborhoods saw an increase in median sales price (year over year). This was an encouraging sign, seeing as the median sales price across the board on Oahu was down just several percent. Of those neighborhoods that were up in January, Wahiawa saw the largest increase, which was up 91% going from $132,000 to $252,000 year over year. Now, keep in mind there were a number of trades that took place last year in January at a project called Hidden Valley Estates, where there's a number of leasehold condos. The land lease there expires in 2040. Normally, when you see a big shift like that, there's normally and explanation and hence that's the explanation.
I hope you enjoyed the report and to find out what's going on in your particular neighborhood, because every one is different, feel free to contact us for more information. Mahalo!