Local Update for Single Family Homes
We saw the largest increase in the number of sales from Moanalua-Salt Lake, where there was a 200% jump over the previous year. There were 2 sales in September of 2019 and this year we saw 6 sales. Slightly behind Moanalua-Salt Lake the next runner up for the increase in sales traffic was Downtown-Nuuanu. There we saw 160% increase in sales, where there were 5 sales last year and now this year there were 13 sales. This was definitely an increase in buyer traffic in those 2 neighborhoods.
As far as prices go, we saw the largest increase from Moiliili-Makiki and that was a 44% increase over the previous year. In September of last year, the median sales price there was $987,500 and it's bumped up to $1,417,500! Once again that was a 44% increase there. Shortly thereafter, there were 2 neighborhoods tied with a 37% increase and that was Kalihi-Palama as well as the Windward Coast of Oahu. Right behind that was Hawaii Kai, which saw a 36% increase. Definitely showing strength in numbers and buyer demand in those neighborhoods.
Local Update for Condos
Two weeks ago we reported that the condo market on Oahu seems to be strengthening a bit after 6 months of sluggish performance. Which neighborhoods do you think are performing the best? More than half of the 21 neighborhoods we follow posted an increase in closed sales in September, 2020 compared with the same month last year. One of the top performing neighborhoods in September was Pearl City-Aiea where the number of closed sales was up 56% this year and the median price at $415,000 was up by 8% compared with September 2019.
The Ewa Plain had the largest number of sales in September 2020 with 66 closed sales, an increase of 25% compared to September of last year. The median price in Ewa of $569,500 is up by 11%. Waikiki lags behind other neighborhoods with less than half as many sales in September 2020 compared with September 2019. Waikiki's median price of $417,000 is up by 5%. As we welcome more visitors back to Honolulu, we'll keep an eye on Waikiki to see how the market changes as more visitors arrive.
Looking ahead, 6 of the 21 neighborhoods we follow show an increase in the number of listings at the end of September, 2020 compared to September last year. Ewa and Kailua are the leading neighborhoods in terms of new listing growth. Despite the challenges we've seen this year, there are opportunities for buyers and sellers in today's market. We're here to talk with you anytime about your real estate questions.
As always, be well, take care of each other and keep washing your hands. Aloha!