Can you believe that Waialae-Kahala home prices were up 116% last month? This is David Buck with Harcourts Island Real Estate here to give you the local market update for April of 2023. We're going to jump into Waialae-Kahala in a second, but first we're going to start of with the single family home sales.
Local Update for Single Family Homes
Ala Moana-Kakaako had the largest increase in the number of sales. It was 100% increase, which was only going from 1 to 2 (sales), because most of the product in Ala Moana to Kakaako are actually condos and not houses. With that said, it was 100% increase since April of '22. There were 4 neighborhoods on Oahu that saw an uptick in the transaction volume for single family homes and there were 2 that were basically flat with no sale increase or decrease. The remaining 15 of the 21 neighborhoods we are tracking were actually down regarding the numbers of sales.
Now we're going to discuss Waialae to Kahala. As I mentioned earlier, Waialae to Kahala saw an increase in the median sales price of 116% in April of '23. The median sales price was $2,375,000 last year and this past month it jumped up to $5,125,000! The reason for such a large jump was that there was only 1 transaction that took place. That sale was on Royal Circle, which is closer to Black Point, on the border of Kahala and Black Point. Whereas, a year ago there were actually 9 sales in Waialae-Kahala. This past month, there was only 1. That was an 89% dip in the number of transactions. The number was a bit skewed (with only 1 sale), but nonetheless that's a huge increase in median sales price.
We also saw some big trades in Kahala and Diamond Head a few months back in that $14-15 million range. In the luxury market, there's still buyers out there for single family homes.
Local Update for Condos
The Windward Coast saw a 200% increase going from 1 sale to 3 sales, regarding condos. Mililani and Hawaii Kai were also up regarding the number of sales year over year. Those were kind of the 3 spotlights, but overall, the transaction volume is down, which is a trend we've been seeing now for over a year.
More than half of the neighborhoods on Oahu saw an increase in median sales price for a condo on Oahu. The North Shore saw the largest increase, which was up 57%. That was going from $505,000 to $795,000. We're seeing a lot of change in the market. Some neighborhoods are up, some down. To find out what's going on in your particular neighborhood, feel free to reach out and give us a shout. Mahalo!