Can you believe home sales were up 700% in Waialae-Kahala? This is David Buck with Harcourts Island Real Estate, here to report on the local market update for April of 2024.
Local Market Update for Homes
Waialae Kahala Homes
First off, we're going to start off with the single family homes and there in Waialae-Kahala we saw a 700% in home sales year over year. In April of 2023, there was only 1 sale that took place and this past month, we saw 8. So, that's a 700% increase year over year. Then, across the board for single family homes, we saw 14 of the 21 major neighborhoods (that the Honolulu Board of Realtors reports on) up. So, that's 2 out of 3 neighborhoods saw an increase in home sales.
Rainbow Seen from Makakilo Home
Makakilo saw the largest increase year over year in median sales price for a single family home. That median sales price went from $810,000 a year ago to $1,379,000. That's a 70% increase. Now, obviously not all the homes went up that much. So, some of those sales may have took place in the higher neighborhoods. But, across the board on Oahu, Makakilo saw the largest increase in median sales price.
Local Market Update for Condos
Kalihi Palama to the West of Downtown Honolulu
Now, as we jump into the condo sales, Kalihi-Palama saw the largest increase yearr over year for condo sales on Oahu. In April of 2023, there were only 5 sales that took place. This past month, there were 11 sales. So, that's 120% increase in sales in Kalihi-Palama year over year. That was the #1 neighborhood for increase in condo sales. Meanwhile, for condo sales across the board, sales were up in 11 out of the 21 major neighborhoods on Oahu. So, that's a step in the right direction because we've been seeing this downward trend in sales for condos. The previous month, we reported on a huge drop year over year. So, April was a lot more optimistic.
Pats at Punaluu on the Windward Coast
For our final category, we're going to talk about condo appreciation. The Windward Coast of Oahu saw the largest increase on Oahu year over year. That was up 252%. On the Windward Coast, the median condo price ini April of 2023 was only at $150,000 and this past month it was at $528,000. That's a whopping 252% gain. We've talked about this a few times in the past when the Windward Coast takes the cake for the highest appreciation in that there's a few condo complexes on the Windward Coast where you can see lower condo prices, of which would be Hanohano Hale, where you can still get a condo under $200,000. There's also Pats at Punaluu, which is directly next door. If you're looking for a good condo value/buy to be direct oceanfront on Oahu, I would check out Hanohano Hale or Pats at Punaluu and I covered both in a recent YouTube video I put together of the Pros and Cons of Living in Windward Oahu.
That's a recap for the local market update for April of 2024. If you have any questions about any buildings on Oahu or any neighborhoods on Oahu, each one is different in its own right. Feel free to reach out and give us a shout. Mahalo!