The Oahu real estate market started the year off with a jump in sales and a dip in prices.
In January, there were 199 single family home sales on Oahu, which was up 11.2% from last year. Condo sales were also up 9.5%. Volume increases are typically signs of a healthy market and can often be a precursor to price increases. However, this month we saw a dip in the median sales prices. Single family homes were down 4.2% to $570,000 and condos were down 2.7% to $291,000.
What neighborhoods were hot in January?
- Home sales in Makiki-Moiliili were up 300%
- Home prices in Hawaii Kai were up 127%
- Condo sales on the North Shore were up 400%
- Condo prices on the North Shore were up 120%
What neighborhoods were not hot?
- Home sales in the Ewa Plain were down 30%*
- Home prices on the North Shore were down 32%*
- Condo sales in Waialae–Kahala were down 60%
- Condo prices in Makaha–Nanakuli were down 45%
*Ala Moana-Kakaako was actually the biggest drop in sales and prices at 100%, however, there are almost no homes there (primarily condos) and the sales went from 1 to 0, which skewed the data, so I replaced with Ewa for a better picture of the market.
What does this say? My guess is one of the most active markets has been the North Shore as volume is up, while prices are down, and buyers are realizing bargains during the North Shore’s winter months. The lifestyle is so genuine there.