Can you believe at the North Shore of Oahu saw a 60% increase year over year for the numbers of sales? This is David Buck with Harcourts Island Real Estate here to report on the Local Market Update for February 2023.
Local Market Update for Homes
As I mentioned, the North Shore saw the largest increase year over year and that was going from five sales a year ago in February of 2022 to 8 sales this year. Makaha - Nanakuli was the only other neighborhood on Oahu that did see an increase and that was up 18%. Four neighborhoods on Oahu saw no change whatsoever in the numbers of sales and the remaining neighborhoods that the Honolulu Board of Realtors tracks were down year over year regarding the numbers of transactions compared to February of 2022. Stay tuned - We’re gonna jump into which neighborhood on Oahu saw the largest appreciation year over year.
The neighborhood that saw the largest increase in the median sales price year over year was a Makiki-Moiliili and that was up 266%. That is somewhat of an outlier because as there were only two transactions that took place last month and one of those was an $8.3 million sale of the old, the Contemporary Museum or us Spalding Estate up in Makiki Heights and that was originally listed for $15,000,000, almost double the price in 2019 until they came down to a price that supported the marketplace. Stay Tuned and we'll jump into the condo market next.
Local Market Update for Condos
Downtown-Nuuanu saw the largest increase in the condo sales year over year and that was going from 30 transactions in February of '22 to 40 transactions this year. That was a 33% increase in the numbers of deals taking place. Now, that was the only neighborhood that saw an increase in sales. Three neighborhoods on Oahu were flat with no change in the numbers of transactions and the remaining neighborhoods on Oahu were down with regarding sales year over year. That's a trend we talked about a little bit earlier in the single-family home front. Stay tuned and we'll be right back up with the last category to report, which is the increase in appreciation for condominiums on Oahu.
The last category I'd mentioned was the appreciation for condominiums on Oahu and the Windward Coast took the cake there with the largest appreciation year over year and that’s going from a median sales price of $220,000 a year ago to $475,000 just this past month in February. There were actually 6 other neighborhoods that saw an increase and that was a little bit promising for condos. Then, the remaining neighborhoods were down regarding median sales price.
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s we talked about every month in these reports, every neighborhood is local (and different). To find out what’s going on in your neighborhood, give us a call to see what’s happening in your hood. Aloha!