Aloha, this is David Buck with Harcourts Island Real Estate and today we're going to cover the local market update for single family homes and condos on Oahu for the month of March, 2024.

Local Neighborhood Update for Homes

First off, we're going to start off with the single family homes and there we saw Wahiawa with the largest increase year over year. Sales there were up 150%. In March of '23, there were only 4 transactions that took place and this past month, we saw 10. So, that's 150% increase in sales. Now, across the board in the 21 major neighborhoods that the Honolulu Board of Realtors tracks, sales were up in 10 of those neighborhoods. In 3 neighborhoods they were flat and in 8 neighborhoods. So, overall there were more neighborhoods up than down. 

Our next category is home appreciation on Oahu and there we saw the North Shore with the highest appreciation by far. It was actually up 76% from a year ago. A year ago, the median price for a home on the North Shore was $1,194,000 and this past month it was at $2,100,000. Now, keep in mind, in most of the neighborhoods on Oahu, they were in the single digits for those that were up. It's rare to have a double digit increase, let alone a 76% increase. The North Shore was the outlier with the highest appreciation 

Local Neighborhood Update for Condos

As far as condo sales go on Oahu, Kapahulu - Diamond Head saw the largest increase year over year for the numbers of transactions. That was up 50% from a year ago, which was by far the highest increase. A year ago, there were 4 transactions that took place and this past month we saw 6. As I mentioned earlier in the single family home sales report, things were up in 10 of 21 neighborhoods. Now as far as condo sales go on Oahu, they were only up in 4 of the 21 major neighborhoods on the island. In 3 neighborhoods sales were flat and they were down in 14 neighborhoods. Roughly 2/3 of the neighborhoods saw a decrease in condo sales, which kind of tracks what we were talking about earlier this month in the overall market update in that condo sales on Oahu were down in March 22.5% from a year ago. 

For our last category, which was condo appreciation on Oahu, the Windward Coast saw the largest condo appreciation by far. I'll explain why as there's an outlier here. The median price a year ago was $85,000 (which you'd probably be shocked you could buy a condo on Oahu in that price range). In Hanohano Hale, you could back then. It went from $85,000 to $340,000 on the Windward Coast over the span of a year. Once again, this is the median price, so there are going to be some outliers within this. Remember now, we just talked about there were only 4 neighborhoods that were up. So, the next highest one after that was up 12% and that was down the coast in Kaneohe. That was up 12%, with a median sales price of $612,000 a year ago and now it's at $685,000. 

That's a wrap for the stats on the local market up date for March of '24. As we always talk about, every neighborhood is different and every building is different. If you have something specific to you that you need help or focusing on in your particular area, feel free to reach out and give us a shout. Mahalo!