Local Single Family Home Report
Wahiawa saw the largest increase in inventory that was up 240% from last year. The spike showed the largest inventory increase by far and we might need to dig into that a little bit more to see what was actually going on. As far as sales volume goes, the Windward Coast saw the largest increase, which was up 300% from 2 sales in March of last year to 8 sales this year.
The largest increase for median sales price was between Aina Haina to Kuliouou which was up 37%. It went from $950,500 last year to $1,302,000! So, east Oahu is fairing strong in this market and Dianne will be sharing what's gong on with the local condo report.
Local Condo Report
Through the first quarter of 2020, our condominium market was fairly stable. Two thirds of the number of markets we track showed increases in the number of closed sales. One notable neighborhood with strong performance was Kaneohe, where the number of sales was up 52%. Waialae-Kahala was also a strong neighborhood where 58% more sales closed in the first quarter of this year.
If we look at Waikiki, which is one of our condo-centric neighborhoods with a lot of condo sales activity, we saw that the number of sales through the first quarter was down by about 20%. In Makiki-Moiliili so far this year the number of sales have been flat.
At the end of March, less than 1/3 of our neighborhoods showed an increase in the number of new listings. In the Ewa Plain, the number of new listings is up by about 25%. Meanwhile, the number of new listings in Waikiki was down 28%. We can see there's a great deal of variation from neighborhood to neighborhood. We're watching the trends very carefully and we look forward to talking to you about what this market might mean for you.
If you're thinking of buying or selling a property is this a good time? Even though our doors are closed, we are here virtually and we'd love to talk with you. Please take care of yourselves, wash your hands and be safe. Aloha!