Well, I hope you're having a great spring so far! This is David Buck with Harcourts Island Real Estate here to give you the local market report for single family homes and condos on Oahu for the month of March, 2022.
Single Family Home Update
First, we're going to discuss the single family homes and Kalihi-Palama saw the largest increase in numbers of sales, which were up 44%, going from 9 sales in March of '21 to 13 sales in March of this year. What was really interesting to see when we were looking at the data, was of the 21 neighborhoods that the Honolulu Board of Realtors tracked, 12 of them (which is over half) were down in the numbers of sales year over year. Only 4 neighborhoods were up year over year with the number of transactions and there were 5 of those neighborhoods which were actually flat with no change in the numbers of transactions.
Regarding the median price, Moanalua-Salt Lake saw the largest increase year over year. In March of 2021, the median price in Moanalua-Salt Lake (which is kind of in the backdrop behind me with Tripler Hospital) was at $880,000. This past month, it jumped up 61% to $1,420,000. What was also interesting to report was every single neighborhood (but one) that the Honolulu Board of Realtors tracks was up regarding median sales price. The one neighborhood that was down was Waialae-Kahala. People may be getting priced out of there, because that median price was like $3.4 million last year. So, it's not surprising to see that it's not keeping up.
Condo Update
Well, you might recognize the backdrop here. This is the Ocean Villas at Turtle Bay and the reason for that is the North Shore saw the largest increase in the number of condo sales year over year. They were up 125% from March of last year, going from 4 sales to 9 sales this year. Following shortly thereafter was Makaha-Nanakuli, which was actually up 118%. What that's really showing is the rural areas of Oahu are showing a lot of strength in the spring. The metro areas of town haven't bee as strong. We'll see that trend continue shortly when we talk about the median condo price here on Oahu.
Last, but not least, the median condo price on Oahu saw the largest increase by far, up triple digits, up 208% was the Windward Coast of Oahu. My guess or speculation for that was the most affordable product on that coastline was this building behind me called Hanohano Hale (next door to Pats at Punaluu). A year ago in March of 2021 the median condo price on the Windward Coast was $150,860. Fast forward to today and it's now at $465,000. What I'm going to extrapolate out of that was there were probably more trades happening closer to Kaneohe Town, closer to Kaneohe and Temple Valley, where that price point is a little bit higher. However, we are seeing an increase in places along this Windward Coast, such as Hanohano Hale, but even more importantly at Pats at Punaluu. I've got two listings there and everything that's been on the market has been on fire! There's been 1 bedroom trades in that $400,000-$500,000 range. There's one at $550,000 under contract and I've got a few penthouses for sale just under $1 million, which is a great deal to live oceanfront on Oahu!
To learn more about what's going on in your specific neighborhood, feel free to give us a call. Mahalo!