Sales on the Windward Coast were definitely hot this past month. All across the board we saw a lot of activity on both the home and condo front. This is David Buck with Harcourts Island Real Estate here to give you the local market update for August of 2021.
Single Family Home Update
Starting off, the Windward Coast home sales saw a 250% increase from just a year ago in August of 2020. There were only 4 sales then and it jumped up to 14 transactions last month.
As far as the median price goes for homes on Oahu, Aina Haina-Kuliouou saw the largest increase, which was up 95%. This was significantly higher than the increase in condos (which we'll get to later). There in that range of Aina Haina-Kuliouou, prices went from $1,075,000 last year to $2,100,000. Now, keep in mind that encompasses Hawaii Loa Ridge, where you typically have a higher price point being as it's a gated community and the views, etc. That is a large increase going from basically $1 millions to $2 million over the course of a year.
Condo Update
Stepping into condos, the Windward Coast like I said was going crazy! The number of sales there were up 450% from a year ago. That went from 2 sales in August of last year to 11 sales this year.
As far as the median price goes with condos here on Oahu, Ala Moana-Kakaako saw the largest increase and that was up 40%. Now remember, with single family homes, the largest segment was up 95%. That is still a healthy increase. The condo market is coming back. Ala Moana-Kakaako was up 40% and that would be $560,000 last year to $785,000 this year. Now you might think to yourself "Wait! I can't can't a condo in Kakaako for that much". You actually can, but keep in mind that pulls in a lot of the older product in the Ala Moana area as well.
One other thing I did want to point out while we're talking about the Windward Coast. Ironically, they had the largest decrease in median sales price last month, which was down 55%. The median price of a condo on the Windward Coast last August was $305,000 and now it's only $137,000. You might ask yourself "Why such a big drop?". A 55% decrease in this market is kind of unheard of and there's a reason for that. The bulk of those sales took place in Punaluu, primarily at a building called Hanohano Hale as well as some of the smaller units at Pats at Punaluu. There, you have units that are oceanfront buildings, but because of where they're located and being rural (and a little bit of deferred maintenance) those can trade around $100,000 for some of the smaller ones. That's kind of what has pushed some of those condo prices down on the Windward Coast.
That's my summary for today and give us a call if there's anything we can help with. Mahalo!