Single Family Home Neighborhood Update

Moanalua-Salt Lake had the largest increase in both numbers of sales and median sales price. For reason, that little segment of the island just inland of Honolulu International Airport (with very little air travel happening now) has taken off! We've seen a 267% increase from October of 2019 to October 2020 in the number of sales. There were only 3 sales in October of last year, whereas we saw 11 sales this year. 

As I mentioned, there was also a significant increase in the median sales price in Moanalua-Salt Lake. It was the highest increase on the island with a bump of 54%. The median sales price last year was at $650,000 and in this year, Moanalua-Salt Lake ended up with a median price of $1 million! The next market after Moanalua-Salt Lake that showed a lot of strength (now for many months in a row) was the North Shore of Oahu. The North Shore saw a 31% increase in the median sales price. Whereas October of last year, that price was $814,500 and this year it's bumped up to $1,070,000!

Those are obviously the two areas showing the most strength across the board. We're still seeing a lack of inventory, so if your home is priced well it is moving quick. All of the sudden our office is on fire right now trying to close out the remainder of 2020.

Condo Neighborhood Report

Condo sales seem to be picking up momentum in October in 12 of the 21 neighborhoods we follow. Can you guess the top 3 neighborhoods based upon the number of sales? The neighborhoods with the highest number of sales are:

  1. The Ewa Plain with 60 sales, a 22% increase compared with last October
  2. Makiki-Moiliili with 59 sales, 16% more sales than in October last year
  3. Waikiki with 60 sales, however the number of sales were 22% below than the number last year

Prices were up in 2 of these 3 top selling neighborhoods. The median price in the Ewa Plain was up by 3% to $537,500. The median price in Makiki-Moiliili was up by 5% to $392,000. In Waikiki, the median price in October was down 15% to $365,000. 

Clearly there are opportunities for both Buyers and Sellers in this very interesting market. We'd be happy to talk to you about your real estate goals.  Until next month, be well, take care of each other and keep washing your hands ;) Aloha!