Single Family Home Neighborhood Report
Aloha! Can you guess which 3 neighborhoods here on Oahu saw the largest increase in median sales prices last month? This is David Buck with Harcourts Island Real Estate and I'm here to give you the local market report for single family homes on Oahu for the month of January, 2021.
Well, Hawaii Kai saw the largest increase which is up 36% from a year ago in January of 2020 (pre pandemic). Back then, homes were trading at just $1,056,250 and now they are at $1,434,000. Following shortly thereafter Waialae-Kahala which was up 32% going from $1,925,000 to $2,532,500. Following in 3rd place was Kailua-Waimanalo where we saw homes shoot up 28% going from $1,025,000 a year ago to now $1,310,000 in Kailua-Waimanalo.
A lot of East Oahu's suburbs have been strong with those that I have mentioned (above). Another in particular is Diamond Head-Kapahulu neighborhood, where we saw a 200% increase in the number of sales. That was the strongest regarding transactions here on Oahu. That went from 7 sales a year ago to 21 sales this past month.
Following along that same trend for an East Oahu neighborhood Aina Haina-Kuliouou saw the briskest sales with Median Days on Market trading in only 5 days! We touched upon it a few weeks back where the Median Days on Market was just 9 days island wide, so there are a lot of neighborhoods where we saw single digits. I personally sold a couple of homes in Ewa Beach recently where they got bidding wars and they went in just 4 days on both of those.
It's a great time for home sellers. All of my listings are under contract and closing here shortly. I've got one beautiful one left on the hillside of Diamond Head. It's 4 beds, 4 baths on a 15,000 sq. ft. lot It's a beautiful home! Outside of that, Dianne Willoughby will be up shortly for the local condo report here on Oahu. Mahalo!
Condo Neighborhood Report
You've probably heard that the condo market is strengthening on Oahu. Can you guess which neighborhoods had the largest gains in January? Aloha! This is Dianne Willoughby with the neighborhood market report for condos on Oahu in January, 2021. The Ewa Plain had a strong performance in January 2021 with 45 sales, an 18% increase compared to January of last year and the median price for condos in Ewa rose by 15% to $590,000. Two neighborhoods report a doubling in the number of closed sales. Both Hawaii Kai and Waipahu closed 23 sales in January, more than twice as many as in January of last year. The median price in Waipahu rose by 20% to $435,000, but the median price in Hawaii Kai fell by 3% to $665,000.
Waikiki had the largest number of closed sales for any neighborhood, but the number of sales in January of this year was down by 6% compared with last January. The median price was off by 10% to $368,000. Inventory remains tight across all neighborhoods. Of the 21 neighborhoods we follow, only 4 had an increase in the number properties for sale now compared to January of last year.
If you're thinking of selling a condominium, this could be a great time to test the market. If you're thinking of buying, we can help find the opportunity that's right for you in your favorite neighborhood. We hope that this year will be a year of recovery for Hawaii and the rest of the U.S. In the meantime, be well, take care of each other and keep washing your hands. Aloha!