Single Family Home Neighborhood Report
We saw the largest increase in the number of sales in Wahiawa, which were actually up 200%. Hawaii Kai was up 100% and Kailua-Waimanalo was up 6%. Other than that, every other neighborhood on the island was actually down for the month as far as sales go for this Corona Virus situation. On the inverse relationship of that, we had just about every neighborhood had a bump up in the median sales price on Oahu. Only 3 were down and of those 3 that were down, they were only down single digits.
We saw the largest increase take place on the North Shore, which was 80% from where it was last year! It went from $800,000 in May of 2019 to $1,440,000 in May of this year. That's some encouraging signs for the North Shore!
Condo Neighborhood Report
Overall, condo sales may be showing signs of bouncing back in May after a couple of terribly slow months. But, the path to recovery is tentative. Of the 21 neighborhoods we track, only 2 posted higher sales in May, 2020 than in the same month last year. Can you guess which neighborhoods these are?
Sales were up by 8% in Makaha-Nanakuli in May and the median sales price there was $160,000 (which was down 18% compared to a year ago). If you're a big wave fan, this could be a fabulous time to find an opportunity on the Leeward Side. The other neighborhood that posted a tiny uptick in sales was Waialae-Kahala, where there was 1 more sale in May of this year compared to last year. The median sales price for condos that sold in Waialae-Kahala was $480,000 (which was 23% below the median price from May of last year).
As we explained in our last video, the drop in median sales price probably reflects the larger number of sales at the lower priced end of the spectrum. Looking ahead, 2 neighborhoods reported an increase in new listings in May. The number of condo listings on the North Shore is up by 50% and the number of new listings in Kailua-Waimanalo is up 13%. New listings in all other neighborhoods are below listings in May, 2019.
Every home is different, every market is unique. To find out what the current market can mean for you, contact us anytime. In the meantime, be safe, take care of each other and don't forget to keep washing your hands. Aloha!