Single Family Home Neighborhood Report
We're on location at our office in Kahala, and as you can see we're just getting ready for Christmas, which is right around the corner. Ironically, Waialae-Kahala had the largest increase in numbers of sales from November of 2019 to November of this year. We saw 167% jump from just 6 sales last year to 16 sales this year. So, the Kahala market is very robust. Now, that's Waialae-Kahala by the way which includes everything inland of Kahala such as Waialae Nui Valley, Waialae Nui Ridge, etc.
The other market that has bee showing a lot of strength and resilience over the last several months is the North Shore of Oahu. COVID has become kind of become a blessing for the North Shore in a sense. Everyone was worried after Bill 89 last year and the crackdown on illegal vacation rentals. Well, now the North Shore is one of the hottest spots on the island. We have seen an increase in the median sales price of 125% on the North Shore. Just a year ago, that median sales price was $721,000. Fast forward to today (this past month) and it now stands at $1,625,000! That's an incredible jump .The North Shore market is on fire and we've been witnessing it first hand. We've been working with buyers coming in with full price cash offers and not only not getting the place, but ending up in 3rd position. It's a very competitive market right now.
The one market that is a little bit funny we talked about last month that was really strong was Moanalua-Salt Lake. Now this month, it's kind of like the outlier when it comes to median days on market. Across the board, median days on market is still very low (like 30 days or less) in just about every neighborhood we track. Now in Moanalua-Salt Lake what really jumped out was it was a 560% increase from just a year ago. Last year, in November of 2019 the median days on market was just 20 days and now it stands at 132 days. It's by far the highest days on market and taking things much longer to sell there. I'm not sure what's happening there, however wanted to share that stat with you.
Condo Neighborhood Report
Which neighborhoods lead the market in the number of closed sales in November? Just like last month the top 3 neighborhoods for closed sales are:
- The Ewa Plain with 42 closed sales, a 35% increase compared with November 2019.
- Makiki-Moiliili with 43 sales, a drop of 16% compared to last November
- Waikiki with 54 sales, with 22% fewer sales than in November of 2019
Median prices in these 3 neighborhoods were mixed. In the Ewa Plain, the median price of $523,500 was up by 7%. But, in Makaiki-Moiliili the median price of $365,000 was down by 4% and in Waikiki the median price of $392,000 was also down by 4%.
Year to date, the number of new listings is down in 19 of the 21 neighborhoods we follow. This could be a great time to put your condo on the market if you've been thinking it's time to sell. There are opportunities for Buyers and Sellers in today's market.
Until next month, when we bring you the year end wrap up, be well, take care of each other and don't forget to keep washing your hands. Aloha!