Aloha, this is David Buck with Harcourts Island Real Estate. I'm here to give you the local market update for July of 2022. I'm here on the North Shore. I just wrapped up some showings. I stopped next to Polynesian Cultural Center and pulled over to give you this update because in 4 of the major categories we track on Oahu - 1. Home Sales 2. Home Median Price 3. Condo Sales 4. Condo Median Price, the North Shore took out 3 of those categories. I'm going to dive in first to the single family homes.
Local Single Family Home Update
The North Shore saw 100% increase year over year in sales, going from 6 transactions to 12. Meanwhile on the rest of Oahu in 14 of the 23 neighborhoods we track we saw a down trend on home sales. Just like in the general market update we talked about earlier in the month, transaction volume was down significantly. In 14 of those 23 neighborhoods, sales were down, but here on the North Shore, sales were up 100%
The only segment of the market that was not taken by the North Shore was the median sales price in July. Downtown-Nuuanu saw the largest increase. It was up 52% year over year. That was going from $1,135,500 to $1,725,000 year over year. Stand by and I'll be up with the condos.
Local Condo Market Update
North Shore Condo sales were up 100% since July of last year. That was going from 5 sales to 10 sales. Unfortunately, across the board on Oahu, the numbers of sales were down in 17 of the 23 neighborhoods we track. Standby as I have more news about the North Shore in a second.
Here I am at Kuilima on the North Shore and the North Shore also saw the largest increase in median sales price for condos on Oahu in July. It was up 153% and that was going from a median price of $350,000 just a year ago to $885,000. So, that's a huge jump! The North Shore was just crushing it across the board in July. To learn more about what's happening in your neighborhood, feel free to reach out and contact us. Mahalo!