Local Single Family Home Update

Aloha, this is David Buck with Harcourts Island Real Estate here to give you the local market update for June of 2022. As you can see, I've got the North Shore in the backdrop behind me and we're going to first dive into the stats with the North Shore because there we saw the largest increase in sales for single family homes, which were up 86%. There were only 7 sales in June of 2021 and now we had 13 sales this year.

Another thing to take away, which we saw in last month's local market update as well as the general market update was that the transaction volume is dropping off a bit. In 15 of the 23 major neighborhoods that the Honolulu Board of Realtors tracks, sale numbers were down. In 2 of those 8 remaining neighborhoods were just flat, or no change. So, there were just a handful of neighborhoods that saw an uptick in the number of sales. 

Now, we're going to jump into which neighborhood on Oahu saw the largest appreciation for single family homes. I'm kind of giving it away with the backdrop here. The Windward Coast of Oahu saw the largest appreciation year over year, which as up 60%. In June of 2021, that median sales price was $655,000 and now we're up at $1,050,000. So, we're following a trend where those rural neighborhoods were king of leading the way for single family homes in June of this year. We'll see what's up next for the condo market.

Local Condo Market Update

As we dive into the condo market for June of 2022, we're going to cover what neighborhood saw the largest number of transactions increase. Aina Haina-Kuliouou saw the largest increase, which was up 100%. That was going from 1 sale a year ago to 2 sales, so it didn't take much. Those of you that know that Aina-Haina to Kuliouou span, there isn't much for sale in regards to condos. We have Haleola 1 and Haleola 2 in Kuliouou Valley and Kuliouou Kai Villa, which is directly behind me, so that's most likely where those trades took place. There's not a lot of condo inventory there, but that was the #1 spot for June as far as transaction percentage increase year over year. 

The last segment we're going to cover is the appreciation year over year for condos on Oahu. As you can see from the backdrop behind me, we're at Kahala Beach Apartments. The reason I have the Kahala Beach Apartments up there is Waialae-Kahala saw the largest increase year over year, which was up 407%. Now, keep in mind we do have this product here in Kahala at the Kahala Beach Apartments that is Leasehold. In June of 2021, the median price in Waialae Kahala was only $105,000. Now, we have a median sales price of $532,500. Most likely the reason for that is we had more Fee Simple trades taking place. For instance, some of those buildings on the mauka side of H-1 such as Kahala Towers, Waialae Gardens, Tropicana Village and Tropic Gardens. Most likely, we had trades taking place in those projects, which were all fee simple and that bumped up that median sales price in Waialae-Kahala, which is why Waialae-Kahala took out that #1 spot year over year for appreciation. 

Now, obviously every market is different here on Oahu and if you want to see what's happening in your particular market, feel free to give us a call. Mahalo