Aloha, this is David Buck with Harcourts Island Real Estate. I'm here to give you the local market report for August of 2022.
Local Market Update for Single Family Homes
We're going to start off with the single family homes and Wahiawa saw the largest year over year increase in the number of sales. That was going from 8 sales a year ago to 13 sales this year. Not everything is so great on Oahu. We're starting to see a trend we've been following for a few months now, where the number of sales are down year over year. In 16 of the 23 neighborhoods the Honolulu Board of Realtors tracks, sales volume was down year over year. However that's a little bit different story in regards to the median sales price. So, if you stay with me, I'll share with you shortly which neighborhood took out the number 1 spot for median sales price on Oahu.
The Windward Coast of Oahu saw the largest increase in median sales price year over year for single family homes. So, in August of last year, that median sales price was $1,009,500 and now it's $1,890,000. So, year over year that's an 87% increase in median sales price. Across the board, it's quite a contradictory story to what we saw in the sales volume, where everything was down in 16 of 23 neighborhoods. As far as appreciation goes, just about every neighborhood was up. I take it back - 5 of the 23 neighborhoods were down, so that would leave it at 18 neighborhoods were up year over year for the median home price. That's a good thing for home sellers that prices are holding. That's not as good for buyers, but there's less buyers out there, so we're seeing less sales taking place.
Local Market Update for Condos
Waialae-Kahala saw the largest increase year over year regarding the number of sales for condominiums on Oahu. That was going from 4 transaction to 8 transactions in August. Behind me you'll see Tropicana Village and Kahala Towers. Across the board with condos we also saw a similar trend to single family home sales and they were down, just like the general market that we talked about earlier in the month. The numbers of transactions were down in 18 of the 23 neighborhoods that the Honolulu Board of Realtors tracks.
The final category we're going to cover today is the median sales price for condos on Oahu. The Windward Coast also took out that #1 spot, just like they did for single family homes. Appreciation for condos on the Windward Coast was up quite a lot at 218%! That was going from $137,000 to $435,000. So, that's a huge jump in price. If you were to go in MLS today or go online and look for condos under $200,000 on the Windward Coast, there's not a whole lot out there. Most likely what happened last year is we saw a lot of transactions at a particular building called Hanohano Hale, which would be next to this one you see in the backdrop here, which would be Pats at Punaluu. That's kind of the most remote part of the Windward Coast. You get a little more for your money, or a little more "bang for your buck" (no pun intended) if you're willing to drive a little further on the Windward Coast.
Thanks for tuning in and if there's anything we can help with, give us a shout. Our office number is 808-777-4880. Mahalo!