Can you believe there was only 1 neighborhood on Oahu that saw an increase in home sales last month? And, only 2 neighborhoods on Oahu that saw an increase in condo sales? This is David Buck with Harcourts Island Real Estate here to give you the local market update for March of 2023.
Local Update for Homes on Oahu
Makiki-Moiliili was the only area on Oahu that saw an increase in sales year over year and that was up 17%, going from 12 sales in March of 2022 to 14 sales this past month. Meanwhile, sales were down in 17 of the 21 major neighborhoods that the Honolulu Board of Realtors tracks. In addition to that, 3 were unchanged. Like I said, there was only 1 that was up year over year. Stand by and we'll get into the median sales price.
Meanwhile, there were 4 neighborhoods on Oahu that saw an increase in median sales price. Aina Haina-Kuliouou saw a 79% increase in the median home price, which was up from $1,830,000 a year ago to $3,270,000. The reason there is there were 4 sales in March and 3 of those 4 sales took place on Hawaii Loa Ridge. Meanwhile, Aina Haina had the 4th sale and Niu Valley and Kuliouou didn't see any home sales this past month. So, that's why you saw a spike in the median sales price because Hawaii Loa Ridge (which is a gated, luxury community) took the cake with 3 out of 4 sales this past month. I anticipate more will happen in the surrounding neighborhoods as we wrap up spring and head into summer in a month or two. We'll probably see a little more transition take place in Aina Haina, Niu Valley and Kuliouou. Stand by and we'll report on the condo stats.
Local Update for Condos on Oahu
Well, condo sales were down in 16 of the 21 neighborhoods that the Honolulu Board of Realtors tracks. Similar to the single family homes, there were 3 of those neighborhoods that saw zero change year over year. There were only 2 neighborhoods that saw an uptick in condo sales. Kalihi-Palama saw the largest increase, which was up 42% and that was going from 12 to 17 sales year over year. Hawaii Kai was the only other neighborhood that saw an increase and that was 26% year over year. Stand by as we have 1 last category to report on, which would be the median sales price increase for condos on Oahu.
The last category we're going to cover is the median sales price for condos on Oahu and Wahiawa saw the largest increase in median sales price for a condo on Oahu and that was going from $260,000 a year ago to $372,500. If you think that sounds low, you're correct in that the median condo price on Oahu actually hit a record in March. So, Wahiawa would be on that lower end of the spectrum. The median condo price on Oahu is now north of $500,000 and we reported on that earlier in the month. Regardless, Wahiawa did see a 43% increase in condo price.
Contact a Local Expert
As we talk about every month in these reports, every market is different. They're all local and different things are happening ini different places. To find out what's happening in your market, feel free to give us a call.