Can you believe that home sales in Wahiawa were up 400% from a year ago? This is David Buck with Harcourts Island Real Estate here to report on the local market update for September of 2023.
Local Market Update for Homes
First off, we're going to talk about home sales on Oahu and there we saw Wahiawa showed the most strength with sales increasing from 2 sales a year ago to 10 sales this year. That's a 400% increase year over year. Two thirds of the neighborhoods on Oahu or 14 of the 21 major neighborhoods saw a decrease in sales. So, Wahiawa was definitely an outlier with a 400% increase in home sales.
The North Shore of Oahu saw the largest increase by far for median sales price. It was up 77% from a year ago. A year ago that median sales price was only $1,050,000 and this past month in September, we saw it at $1,857,500. So, the North continues to "buck all the trends" (no pun intended) as far as appreciation goes and sales go. Month after month this has been a trend ever since COVID and people want to get away and have some space and privacy. With that said, I've got an exciting new listing coming up next month on the North Shore.
It's over 2.5 acres on the North Shore near Turtle Bay in a gated community zoned Ag. We'll share more about it in the coming weeks, but I'm really excited about this upcoming listing. I think it's going to be a hot commodity, given something a fraction of the size across the street is under contract well into the mid $3 million range.
Local Market Update for Condos
Makaha-Nanakuli saw the largest increase in condo sales on Oahu. It was up 20% from a year ago. That was going from 15 sales in September of 2022 to 18 sales this past month. Meanwhile, there's a similar trend we saw in the single family homes in that the bulk of the neighborhoods (15 of the 21 major neighborhoods on Oahu) saw a decrease in sales transactions. So, to be up 20% was nice to see out there on the Leeward Coast.
Diamond Head-Kapahulu saw the largest increase in median condo price this past month and that was up 161% from a year ago. A year ago, the median sales price was $687,500 and now it's at $1,795,000. This is an outlier because not all of the neighborhoods were up that much. What most likely happened here year over year is we probably saw transactions taking place off Kapahulu and Pualei Circle, because in Pualei Circle you're looking at $500-600,000 for a 1 bedroom and the prices on the Gold Coast are going to be a lot more. So, that's why we saw that spike in price year over year. It's a different product, but in the same region.
I hope that helps and wishing you all a great Halloween! We'll talk soon. Aloha!