Local Single Family Home Report
Can you guess which neighborhood on Oahu saw the largest in increase in the number of sales for last month? Well, here's a little hint (behind me). This is David Buck Harcourts Island Real Estate here to give you the local market update for single family homes on Oahu for April, 2021.
Hawaii Kai saw the largest increase with 167% jump from 6 sales last year to 16 sales this year. That's a phenomenal stat looking at where we were at last year. The single family market as you know or have heard is very robust right now. Coming in the number two spot was Downtown-Nuuanu. That saw 150% increase from 6 sales to 15 sales and third place was the North Shore, which was up 143%. from 7 sales last year to 17 sales this year.
Now, as far as appreciation goest in the market, the North Shore was also the frontrunner with an 85% increase! Just a year ago, the median sale price on the North Shore was $1,132,500. Fast forward to today, it's $2.1 million. That was leaps and bounds above the rest of Oahu. The next highest neighborhoods with appreciation say a tie with a 41% increase and that was Makaha-Nanakuli (also a rural neighborhood like the North Shore) and we actually had another neighborhood in town with a 41% increase which was Makiki-Moiliili.
So, things are up across the board. I'm glad to be out of the office and out here in Hawaii Kai just to give you a quick update and Dianne will be up shortly for the local market report for the condominium market. Mahalo.
Local Condo Report
Compared with April last year, this April there were more sales in all but 3 of the 21 neighborhoods we follow. But, median prices were down in 10 of our neighborhoods compared with last year. What's up with that? This is Dianne Willoughby with a look at local neighborhood market activity for condominiums on Oahu in April, 2021.
We report recently that median condo prices are holding steady so far this year, unlike the upward pressure we've seen for prices on single family homes. Overall, across the condo market prices are stable. In the neighborhoods where there was a drop in median sales price compared with last April, I believe that reflects a shift in the mix of units that selling. One example is in the Ala Moana-Kakaako neighborhood, where the number of closed sales more than doubled from 27 last April to 67 this year! But, the median price in this neighborhood is $450,000 this April, down by 44% from last year's median price of $799,000. This may be the result of fewer sales of higher priced units and more sales at the more affordable end of the market.
Hawaii Kai posted the highest median price in April at $673,000, unchanged from April, 2020. Condos remain an affordable option in today's competitive market. If you're thinking of buying, this may be a great time to consider a condominium. We're here to help. Contact us any time to talk about real estate. Aloha.