Local Neighborhood Report for Single Family Homes
Here I am in Makakilo just wrapping up a final walk through for some clients and it's ironic because Makakilo took the #1 spot for the number of transactions increased here on Oahu from February of 2021. This is David Buck with Harcourts Island Real Estate here to give you the local market update for February of 2022. Makakilo saw the largest increase that went up 120% going from 5 to 11 sales. There's a lot of excitement here in the neighborhood and lots of transitions taking place.
Here we are in Salt Lake. Salt Lake to Moanalua (which is basically inland from here) saw the largest appreciation for single family homes in the month of February. It was up 45% going from $988,000 a year ago to $1,430,000 this year. What's also incredible is every single neighborhood that we track for the Honolulu Board of Realtors was up for median sales price, but one (neighborhood) in February. That neighborhood that was not up was Makiki-Moiliili in town, which was down 9%. Salt Lake to Moanalua took the cake for the most appreciation with 45% year over year. We'll jump into the condo segment shortly. Mahalo.
Local Neighborhood Report for Condos
As far as the condo market goes in February of '22, Waikiki saw the largest increase in the number of sales. It was up 64%, going from 61 sales in February of '21 to 100 sales just this past month. Here I am at the Allure in Waikiki for an inspection of a new purchase. It's a great building and you can see Waikiki in the background. Similar to the single family home market, half of the neighborhoods did not see an increase in number of sales. It's due to that lack of inventory.
Regarding the median condo price here in February, Ala Moana-Kakaako, which is directly behind me (I'm still here at the Allure by the way) was up 70%. That went from $440,000 to $750,000. That doesn't sound like much because that's considered a luxury neighborhood for condos, but there were much smaller (price) trades that happened in February of '21. It might be an indication that there might be more upside in the condo market vs. the single family home market here on Oahu.
What was interesting is 43% of the condo neighborhoods we track on Oahu were down for median sales price compared to February of '21. I'm not sure what that is saying, however my prediction is there will be a little more upside in Ala Moana-Kakaako once more travel opens back up from Asia. If you have any more questions, feel free to reach out. We can be reached at 808-777-4880. Mahalo