The Windward Coast of Oahu showed the most strength for both homes and condo sales this past month. This is David Buck with Harcourts Island Real Estate here to report on the local market update for May of 2023 here on Oahu.
Local Neighborhood Home Stats
First off, we're going to jump into single family home sales and like i said earlier, the Windward Coast was hot. On the Windward Coast, home sales were up 50% year over year, going from 6 sales a year ago to 9 sales this past month. Waialae-Kahala was the runner up with a 10% increase. Meanwhile, Makakilo homes saw an 8% bump up in the number of transactions. Meanwhile, every other neighborhood on Oahu was either flat or down regarding the number of sales year over year.
Regarding the appreciation year over year for single family homes, Hawaii Kai took the cake. Year over year, that median sales price was up 8% going from $1,485,000 a year ago.. Now the median price for a home in Hawaii Kai is $1,600,000. Meanwhile, Kailua-Waimanalo saw a 2% increase in median sales price and there were 2 other neighborhoods on Oahu that were up just 1%. So, not a lot of homes are showing a year over year increase in sales price. However, there are some silver linings.
Local Neighborhood Condo Stats
As I mentioned earlier, the Windward Coast of Oahu saw the largest increase for both homes and condos. Now that we're jumping into the condo stats, the Windward Coast saw a 200% increase in sales year over year. That was going from just 2 transactions a year ago to 6 transactions this past month. Following the Windward Coast, Wahiawa saw 100% increase in sales year over year going from 3 to 6 transactions. Kailua-Waimanalo saw an increase of 38%. Those are 3 neighborhoods that did see an increase in sales. Meanwhile, every other neighborhood on Oahu was down regarding the numbers of transactions for condo sales on Oahu.
Our final category is condo appreciation here on Oahu and Waialae-Kahala saw the largest increase year over year. That was up 61% going from $375,000 a year ago to $605,000. Second place year over year was Diamond Head-Kapahulu, which was up 54% and Makaha-Nanakuli was up 21%.
As we talk about every month, every market is local. So to find out what's going on in your particular neighborhood, feel free to reach out and give us a shout. In the meantime, enjoy the rest of your June as we've got the 4th of July coming up right around the corner and God Bless America! Aloha.