Local Single Family Home Report
500, 400, 300 - That's a recurring theme I'm going to talk about today for the Local Market Report for May, 2021 on Oahu. First off, we're going to talk about the the single family homes. We've got Moanalua-Salt Lake saw a 500% increase in the number of sales, which went up from only 1 sale a year ago to 6 sales this year. Coming in 2nd place for the largest increase in the number of sales was Waialae-Kahala, which saw a 400% increase, which went from 2 to 10 sales over the course of this past year. Coming in 3rd place was Kalihi-Palama with a 300% increase going from 3 sales to 12 sales.
Regarding the median sales price for single family homes on Oahu, Downtown-Nuuanu saw the largest increase, which went up 36%. Last year in May of 2020, the median sales price was $880,000. Fast forward to this year, it's $1.2 Million, which is obviously a significant increase. As we get into the condo market, keep in mind 500, 400, and 300.
Local Condo Report
Here we go again, 500, 400, 300 - Kailua to Waimanalo saw a 550% increase, which went from 2 sales to 13 sales over the course of this past year. The Windward Coast condo market saw a 400% increase, which went from 1 to 5 sales. Then, the largest condo market on Oahu we've been talking about for months, that was in the doldrums and has come roaring back is Waikiki which saw a 353% increase from 30 sales to 136 sales! Once again, the condo market is on fire and you see this trend in both the single family home and condo market with 500% increase in sales, 400 and 300 in the top 3 markets.
We saw the largest increase in median sales price in Kapahulu-Diamond Head, which was by far the highest with 126% increase. That's the only triple digit gain we saw in any of the markets we track on Oahu. That went from $269,500 to $607,750. That may be skewed a little bit with some leasehold sales, which we have in Diamond Head like Diamond Head Beach Hotel and Sans Souci, so that may have thrown off some of the stats last year. However once again, that's a significant bump.
Now that we're well into June and have May behind us, we'll see what the rest of the summer transpires. Mahalo!