Well, there's no joke about February going really fast. With only 28 days, on the last day of the month I'm just now able to catch you up with the local market update for January of 2022.
Local Single Family Home Update
The Windward Coast of Oahu was on fire. Sales were up 100% year over year from January of '21 to '22. Regarding median sales price, the Windward Coast also took out the record here on Oahu, which was up 112% from a year ago. That was going from $982,500 to $2,085,000. That's more than double in price. There weren't a whole lot of trades. That 100% increase was going from 2 sales to 4 sales, but it shows a lot of strength and velocity on the Windward Coast of Oahu, which is basically north of Kaneohe up past Kaaawa, Hauula and into Laie.
Local Condo Update
Waialae-Kahala had the largest increase in numbers of sales. It was up 200%, going from 2 transactions to 6 transactions over the course of January of '21 to January of '22. However, Waialae-Kahala did not take out the top spot for appreciation. Actually appreciation there was somewhat anemic at just 1%.
Last, but not least, Kalihi-Palama took out the #1 spot for the largest % of increase in median sales price for condos on Oahu. That went from $288,000 to $470,000. That is up 63% year over year.
Summary
It's interesting to see that town (Waialae-Kahala and Kalihi) and strength in the condo market and rural areas like the Windward Coast saw the highest increase in sales and appreciation year over year (for homes). To find out what's happening in your own local market, feel free to reach out and give us a call. We can be reached at 808-777-4880. Mahalo!