Aloha! It's a gloomy day here in December, but I'm here to talk about the local market update for November of 2023. First off, we're going to start off with the single family homes.
Local Market Update for Homes
Waimanalo to Kailua saw the largest increase in sales transactions year over year and that went from 17 sales in November of '22 to 28 sales this past month. So, that's a 65% increase in sales year over year. In the single family home market, it was 50/50 in neighborhoods that were up in transactions as well as down in transactions. The condo market is going to be a little bit different, which we will jump into shortly. Next, we're going to talk about the appreciation for single family homes on Oahu.
Meanwhile, regarding the median home price here on Oahu. Waialae-Kahala saw the largest increase in median sales price year over year and that was going from $1,627,500 to $2,900,000. That is a 78% increase. So, we'll see if this is a sign of things to come, but normally Waialae-Kahala leads coming out of a slow market.
Local Market Update for Condos
Regarding condo sales here on Oahu in November, the North Shore saw the largest increase. It was actually up 200%. That was going from 1 sale in November of '22 to 3 sales. This is the Ocean Villas at Turtle Bay behind me. I just happened to be up here on the North Shore because I've gotta drop a sign at a listing I've got in Kawela Mauka, which is a beautiful home built in 2016 on 2.7 acres. Sorry to go off on a tangent. Back to condos... Outside of the North Shore, 2/3 of the major neighborhoods on Oahu were down this past month. That would be 14 of the 21 major neighborhoods for the Honolulu Board of Realtors. Not everything is rosy for condo sales on Oahu, but the North Shore is definitely a place that continues to see some demand.
Regarding the median condo price on Oahu, Waialae-Kahala also saw the largest increase. I've got Kahala Regency behind me and it was up 289% year over year. That was going from $168,500 to $655,000. Most likely what happened is more sales took place at Kahala Beach Apartments, which are Leasehold condos. That's why things were probably so low last year. Hence, the heavy appreciation. $655,000 is that median price now and that's probably going to take place over near Waialae Gardens, Tropicana Village and Tropic Gardens, which is directly behind me (near Kahala Towers). Those are low level town houses they're a great value to be in the 'hood' here in Kahala.
If you have any questions about real estate here on Oahu, feel free to give us a call at 808-777-4880. In the meantime, wishing you all a Merry Christmas and a Happy New Year!