Single Family Home Neighborhood Update
The strongest sales were in Pearl City-Aiea with a 64% increase in the number of sales. On the flip side of that, Waialae-Kahala saw the largest dip in sales which were down 47% from July of 2019. The median sales price really showed signs of what's been happening on Oahu as well as the rest of the country with COVID where the suburbs are showing strength and the urban areas not showing so much strength.
The Windward Coast showed the largest bump up in median sales price by 46%. The median sales price there was $600,000 in July of last year and it bumped up to $875,000 this year. So, it really appears people are looking to social distance and have a little more privacy and space. On the flip side of that, Downtown-Nuuanu showed the sharpest decrease in the median sales price which was down 26% from last year. Last year, we saw a median sales price of $1,130,000 in July to this year $835,500.
Like I said, we're kind of mirroring the rest of the country. People are getting out of the urban areas and heading more towards suburban areas for a little more space. That's kind of like the macro trend and local trend. We'll if that continues...
Be sure to read to the end here as this may be our last forecast from the office here on Kapahulu. One thing that's constant is change and we may have a new office come this time next month. Mahalo for reading and for your support!
Condo Neighborhood Update
Which neighborhoods do you think had the largest number of sales in the month of July? Of the 21 neighborhoods we follow, it's no surprise to discover that Waikiki posted the largest number of sales with 53 closed sales in July. However that's 36% below the number of closed sales in Waikiki in July of 2019. Like the condo market island wide, the Waikiki neighborhood is showing signs of improving. Sales in July were up 40%, compared with the number of sales in June. The largest increase in closed sales occurred in Kailua-Waimanalo where there were 18 sales in July, which is 156% more sales than the previous July.
Which neighborhood had the highest median sales price? Surprisingly, Ala Moana-Kakaako recorded the highest median price - $700,000, up by 7% compared to July of last year. Ala Moana-Kakaako and Waikiki are the two neighborhoods with the largest inventory of units for sale. With 728 units for sale and a median price in July of $430,000, Waikiki remains the neighborhood with the largest number of condo listings. Each neighborhood is different and there are opportunities everywhere.
Is it time for you to take advantage of the low interest rates to purchase a condo on Oahu? If you'd like to know more about what's going on in your neighborhood, get in touch with us. In the meantime, be well, take care of each other and keep washing your hands. Aloha!
Harcourts Office on the Move
We're in the process of moving and there's one thing in life is that change is always constant. It was just over 3 years ago we moved into our space in Kapahulu. It's served us well, we've done a great job, but it's time to move on. Our landlord has found a new tenant during COVID. Even though we're having a thriving business, it seems an urgent care business seems to do a little bit better in this COVID environment. We're moving on to a different location, so stay tuned...
It's been fun at Kapahulu on the outskirts of Waikiki, but we've got something exciting in store coming up and look forward to the next adventure. Aloha!