Aloha, this is David Buck with Harcourts Island Real Estate and I'm here to give you the local market report for October of 2022. The North Shore stood out among the rest of the neighborhoods on Oahu.
Single Family Home Report
First off, we're going to talk about single family homes and the North Shore was the only segment of the market (of the 23 neighborhoods we track on Oahu) that was up regarding the numbers of sales. There was a 25% increase, which was going from 4 sales in October of '21 to 5 sales in October of this year.
Jumping into appreciation, the North Shore was one of a handful of neighborhoods that were up. It was actually up the most significant. It was up 64% regarding the median sales price for single family homes. That was going from $962,000 a year ago to $1,580,000 this year.
Regarding the condo market on Oahu, the North Shore also saw the most strength. Condo sales were up 40% going from 5 sales to 7 sales. However, unlike the single family home market (where every other market was down - transaction wise), there were a couple of other markets that had an uptick in transactions and those were Makakilo and Hawaii Kai.
Now, the North Shore didn't take out every category. The last remaining category is appreciation for condos on Oahu and Ala Moana-Kakaako saw the largest increase. That was up 76%, going from a median sales price of $500,000 a year ago, to $880,000 this year
As we always talk about, every market is local and if you want to find out what's going on in your market, feel free to give us a call. In the meantime, I hope you have a great Thanksgiving. Mahalo!