Oahu Neighborhoods with Strongest Sales Volume Increases in October
BY LISA SCONTRAS
According to the Honolulu Board of Realtors® recently released monthly neighborhood sales update, while home sales for October were largely on the rise island wide, some neighborhoods posted significant activity levels.
The Makaha-Nanakuli single-family home market saw a 52 percent increase in sales activity with 35 closed sales, as compared to 23 closed sales during the same period in 2018. The Waianae coast accounted for nearly 10 percent of all single-family home sales on Oahu in October. While the area’s sales volume boomed, median sales prices dipped 4 percent to $475,000, while the inventory of 45 new listings represented a 29 percent increase compared to October 2018. Year-to-date closed sales in the region were slightly down from the same period 2018, while the year-to-date median price bumped up slightly, to $500,000.
Single-family home sales in the Kapahulu-Diamond Head, Makiki-Moiliili and Waialae-Kahala markets also posted sales growth in October with year-to-date closed sales volume in those areas surpassing 2018 year-end totals — a significant shift from the drop in sales for each of these neighborhoods a year ago.
Aina Haina-Kuliouou, Ala Moana-Kakaako, Mililani and Moanalua-Salt Lake all posted increases of 50 percent or more in the number of sales in October over October 2018.
The majority of Oahu’s condo markets made positive sales volume gains in October, as well. Sales of condominium units in the Windward area, which includes Kaneohe and Kailua-Waimanalo, were among the markets with the highest sales growth. With 16 closed sales, October condo closings doubled in Kaneohe, compared to eight in October last year, while the median sales price dipped 1 percent, to $561,500. Condo inventory in Kaneohe is up 47 percent, despite fewer new listings posted for the month of October. Still, new listings were also up 31 percent, compared to this time last year.
Kailua-Waimanalo posted nearly twice the number of condo sales in October as well, yet with a 40 percent drop in MSP — attributed to the number of condos/ townhomes that sold in excess of $800,000 in October 2018, driving the median up for that month significantly high.
In Makakilo, North Shore, Pearl City-Aiea, and Waipahu, condo sales increased by at least 25 percent from the previous year.
“Property types and price points vary within each neighborhood to create hyper-local real estate markets,” said Jenny L. Brady, president of the Honolulu Board of Realtors®. “Realtors knowledge of this unique market data helps sellers to determine appropriate price expectations, and identify properties for buyers based on their needs.”