EAST OAHU AND HONOLULU NEIGHBORHOODS MOST POPULAR AMONG HOME BUYERS AND SELLERS IN 2019
Increase in new listings and closed sales were most notable in Kapahulu-Diamond Head, Makiki-Moiliili, Aina Haina-Kuliouou, Waialae-Kahala and Downtown-Nuuanu
HONOLULU – According to the Honolulu Board of REALTORS® local market update, single-family homes in Kapahulu-Diamond Head, Makiki-Moiliili, Aina Haina-Kuliouou, Waialae-Kahala, and condos in Downtown-Nuuanu experienced a double-digit increase in new listings last year.
Properties in Kapahulu-Diamond Head, Makiki-Moiliili, Aina Haina-Kuliouou and Waialae-Kahala made up 17.2% of all single-family home listings and 14.8% of single-family home sales for 2019. The number of properties listed in the four neighborhoods combined increased by 20.6% compared to 2018, and closed sales were up 21.7% for the year.
“While these neighborhoods often see a large percentage of sales upwards of $2 million, the $600,000 to $999,999 price range saw 36.1% more listings on market and 41.9% more properties that sold,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “More inventory across Oahu neighborhoods contributed to the healthy real estate market we saw in 2019.”
In Downtown-Nuuanu, both new listings and closed sales of condominiums/townhomes were up 17% over 2018. Last year, condominiums ended with a median sales price of $590,000 – an 11% increase from the 2018 annual median price of $530,000. Most notably, island-wide data shows that year-over-year sales declines did not occur evenly across all condos by size. Studio/one-bedroom units saw a 9.7% decrease from 2018; two-bedroom units saw a 2.4% decrease; and units with three or more bedrooms experienced a 1.1% decrease.
“The small increase in condominium median and average sales prices for 2019 – despite a 4.8% decrease in sales volume – is attributable to larger, typically higher-priced condominiums/townhouses representing a greater portion of closed sales,” added Nekota.
In December 2019, single-family home sales in Waialae-Kahala and condominiums in Ala Moana-Kakaako experienced positive sales gains. Sales of single-family homes in Waialae-Kahala rose 250% compared to December 2018 and year-end sales were up 29%. Eleven percent of condominium sales in December 2019 occurred in the Ala Moana-Kakaako neighborhood. Closed sales in this area increased 81% over December 2018.
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The information contained in this report is provided to the National Association of REALTORS® and the Hawaii State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after the closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu and Molokai single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.