Single Family Home Local Report
Well, guess what everyone - Metro Oahu is back! It's probably one of the neighborhoods that's suffered the most during COVID. If you can just imagine just a year ago we were in the height of all the lockdowns. Well, fast forward to today and it's showing the strongest strength or rebound in the residential single family home market here on Oahu. I'm David Buck with Harcourts Island Real Estate to give you the local market report for February, 2021.
I started off saying that Metro Oahu showed the largest strength. Well, there are 2 sectors. First off, Downtown-Nuuanu saw an 800% increase in the number of sales. A year ago there was only 1 transaction that took place. Fast forward to today and there were 9. That's a significant bump up and that was the 1 neighborhood that saw by far the highest amount of sales volume increase.
Taking the step step further, when we go into appreciation (year over year) from February of 2020 to February of this year, we saw almost the #1 appreciation take place in another metro Oahu neighborhood, which was Makiki-Moiliili. There we saw prices shoot up 75% from $985,000 a year ago to now $1,725,000. They almost took at the #1 spot as I'd mentioned with a 75% increase, however the neighborhood that slightly outdid them at a 76% increase was the Windward Coast. The areas are still showing strength. There the median sales price went from $625,000 all the way up to $1.1 million. That's a significant increase and we'll see what happens as we roll into spring.
Condo Local Report
Only 1 neighborhood on Oahu failed to recorded more sales in February of this year compared with February of last year. Of the 21 neighborhoods on Oahu (that the Honolulu Board of Realtors reports on), can you guess which neighborhood on Oahu had fewer sales this year? This is Dianne Willoughby bringing you the neighborhood update for condominium sales on Oahu in February of 2021.
The answer to my question my surprise you unless you've been following our recent reports. Although Waikiki is Oahu's most condo centric neighborhood, recovery in the Waikiki market is lagging compared with other neighborhoods. In February there were 61 closed condo sales in Waikiki, 14% fewer than February of last year. The median price however was stable at $380,000.
Which neighborhood posted the largest year over year increase in sales? With the exception of Waikiki, the condo market was strong across the entire island in February. 8 Neighborhoods had more than doubled the number of sales in February of this year compared with last February. In Salt Lake-Moanalua, the number of sales tripled and the median price jumped by 26% to $476,000. Like the single family market, the number of new condo listings doesn't appear to be keeping pace with the number of sales.
Inventory is down across the island, except in 3 neighborhoods. In Kalihi-Palama, inventory is up by 10%, Kapahulu-Diamond Head up by 2% and Waialae-Kahala up by 21%. This is a great time to be a Seller. If you own a condominium, let us help you explore your options. In the meantime, be well, take care of each other and keep washing your hands a little longer. Aloha!