Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to talk about the local market update for August of 2024.
Local Update for Homes
First off, we're going to dive into single family home sales and there we saw Makiki-Moiliili with the largest increase in sales year over year, which was up 333%. That was going from 3 transaction in August of 2023 to 13 transactions this past month. Meanwhile, across the board of the 21 major neighborhoods that the Honolulu Board of Realtors tracks, eight of those neighborhoods were actually up in sales, 6 were flat and 7 were slumped or down in sales.
Now, we're going to talk about he increase in median sales price here on Oahu. Aina Haina-Kuliouou saw the largest increase year over year, which was up 136%. A year ago in August of 2023, that median sales price was at $1,410,000. Then, this past month, it was at $3,330,000, which is a significant gain. Now, I've got my suspicions on that. Whenever we cover this neighborhood taking the cake for appreciation, it's typically because we're seeing more transactions take place in Hawaii Loa Ridge, which is between Aina Haina and Niu Valley. Typically, when you see a huge jump, it's because more deals are taking place on Hawaii Loa Ridge.
Local Update for Condos
Now, as we did into the condo sales, Waialae-Kahala saw the largest increase year over year, which was up 100%. That was going from 3 transactions a year ago to 6 transactions this past month. Meanwhile, we talked about earlier in the month, the overall condo market was slow. Across the board of the 21 major neighborhoods that the Honolulu Board of Realtors tracks, only 4 of those 21 were up, 4 were flat and the remaining 13 of them saw a decrease in condo sales.
Now, for our final category, which is condo appreciation on Oahu, Kapahulu-Diamond Head saw the largest increase year over year. That was up 35%. A year, ago the median sales price in this neighborhood was $601,000 and this past month it was at $810,000. Once again, that's a 35% increase year over year. It is difficult to find a condo on the Gold Coast of Diamond Head in this price range. That's why this encompasses Kapahulu as well, which is going to be just kind of inland and further towards Waikiki. However, with that said, once in a blue moon you can find one fee simple on the Gold Coast. It's probably going to be a studio or it'll be something leasehold, say at Diamond Head Beach Hotel or like we talked about earlier in this year, Sans Souci. That might be another option for something in that price range. However, in general on the Gold Coast prices are going to be higher
Contact a Local Expert
To find out what's happening in your specific neighborhood, because all of these neighborhoods are dynamic and constantly changing, feel free to reach out to us at Harcourts Island Real Estate and give us a shout. Mahalo!