Can you believe that home sales in Waialae-Kahala were up 450%? This is David Buck with Harcourts Island Real Estate here to report on the local market update for December of 2024. 

Local Neighborhood Report for Homes

A year ago, in December of 2023, there were only 2 transactions that took place in Waialae-Kahala and this past month we saw 11. The North Shore saw the largest increase in medan sales price and that was up 336%. That was going from $875,000 a year ago to $3,812,500. That's a huge increase, but part of that reason was there was there were only 2 deals that took place on the North Shore. One of which was an oceanfront home that sold for $6,250,000 that we reported on earlier in the month.

Local Neighborhood Report for Condos

Kailua-Waimanalo saw the largest increase in condo sales year over year of any neighborhood on Oahu. This is on the 21 major neighborhoods that the Honolulu Board of Realtors reports on. With that said, Kailua-Waimanalo was up 250%. That was going from 2 transactions in December of 2023 to 7 this past month. 

Waialae-Kahala also saw the highest appreciation, which was up 49%. A year ago, that median price in Waialae-Kahala was $370,000 and this past month it was at $550,000. Now, you might ask "can I get a condo in Kahala for that amount of money?". The Kahala Beach Apartments are leasehold and that's probably why the prices were a little bit lower in Kahala. 

Oahu A Bargain Compared to Aspen, Colorado

To put things into perspective, even though this is a high end area, in Aspen, Colorado the median condo price in December was just over $4.1 million. Here's a video I put together showing the comparison to Oahu. You could basically buy 7.5 median priced condos on Oahu for the price of 1 condo in Aspen, Colorado. It really shows how underpriced our real estate is here compared to some markets.

Granted, we are higher than most places in the country, but every neighborhood on Oahu is different. To find out what's going on in your particular neighborhood, feel free to reach out and give us a shout at 808-371-3509. Mahalo!