Homes: Hawaii Kai Sales and Windward Coast Prices
We saw the largest increase in the number of sales in Hawaii Kai, which was up 53% from last year. This was an increase from 15 sales last year to 23 sales this year.
As far as the median sales price goes, we saw the largest increase on the Windward side of the island. On the Windward Coast, which is basically everything north of Kaneohe all the way up to the North Shore. There we saw the price increase by 19% to finish off the month at $852,500. Overall this was a strong showing in East Oahu with the number of sales in Hawaii Kai and median sales price in Windward Oahu.
Condos: Kalihi-Palama Sales and North Shore Prices
The largest increase in a neighborhood with the number of sales was Kalihi-Palama in November. The number of sales doubled there from 6 in November of 2018 to 12 last month. The number of new listings doubled in Moanalua-Salt Lake. The number of listings was 13 last year and 26 this year.
The North Shore had the largest increase in median price in November. There was a 38% jump in median sales price for condominiums on the North Shore compared to November of 2018. This brought the median sales price up to $510,000 last month.
All of our condo markets tend to be robust with 14 of the 21 markets reported showing the median days on market of 30 days or less. Every market is unique and every property is special.
Summary: Bill 89 Effects on Oahu?
In summary, what we both found interesting about looking at the local monthly stats for November were the 2 areas that saw the largest increases in median sales prices were 2 neighborhoods that were greatly impacted by Bill 89 (Restrictions on rentals less than 30 days on Oahu). We expected that because of that because of that Bill, there may be some depression in the prices and surprisingly... Regarding the Windward Coast Single Family Home product and the North Shore condo product, both of which we thought would see a pullback after Bill 89 that was launched in June. Contrary to what most people would have predicted, we're seeing some strength in those markets.