Aloha, this is David Buck with Harcourts Island Real Estate, here to give you the local market update for homes and condos on Oahu for the month of June, 2023.
Local Market Update for Homes
First off, Wahiawa saw the largest increase in home sales year over year. That was a 25% increase going from four sales a year ago to five sales this year. It's the only neighborhood that saw an increase in sales. Three neighborhoods were flat with no change and then every other neighborhood on Oahu was down regarding sales year over year. So stand by, I am going to jump into sharing with you which neighborhood in Oahu saw the largest appreciation in single family home price.
The median home price in Diamond Head was up 25%, going from $1,365,000 to $1,700,000 this year. Now, keep in mind that’s everything in the Diamond Head region of MLS which includes Palolo, Kaimuki, Kapahulu and similar neighborhoods you see here like Wilhelmina and Maunalani Heights, so not all of this is Diamond Head. To find a single family home on the market today in Diamond Head, there is nothing for sale under $4 million. But it's good to see that town and Diamond Head in particular is having some strength this past month in June. So stand by, we are going to jump into the condo stats.
Local Market Update for Condos
Now Kailua - Waimanalo has saw the largest increase year over year for numbers of transactions for condos. There, we saw a 14% increase, that was going from 7-8 deals in June of 2022 and 2023. There were two neighborhoods on Oahu that were flat with no difference in the number of sales year over year and then every other neighborhood on Oahu saw different transactions year over year. So, that's a trend we have been seeing across the board. Stay tuned, we will be back with the final and fourth category, which is condo appreciation on Oahu.
Now the median condo price in Waialae - Kahala was up 24%, and that was the largest gain across the board for Oahu, and that was going from $532,500 in June of 2022, to now $659,00 for the median condo price of condos here in Waialae Kahala. In the backdrop here you will see Kahala Towers, and Kahala Regency. As we talk about every month, every neighborhood is different. So to find out what's happening in your neighborhood, feel free to give us a call. Mahalo.