SALES ACTIVITY IN O‘AHU NEIGHBORHOODS ILLUSTRATE MARKET STRENGTH PRE-PANDEMIC
Kailua-Waimanalo and Kalihi-Palama communities saw positive gains in single-family home and condo markets
HONOLULU – According to the Honolulu Board of REALTORS® local market update, Kailua-Waimanalo and Kalihi-Palama areas saw positive gains in single-family home and condo markets last month. In the single-family home market, both neighborhoods saw year-over-year sales more than double and moderate increases in median prices. In the condo market, both areas experienced growth in closed sales and slight shifts in median prices compared to the same time last year.
“Anecdotally, we are now seeing buyers who have sustained employment remain steadfast in their pursuit to purchase property. It appears sellers are holding off on placing their home on the market and patiently waiting to sell with hopes our market will rebound quickly,” said Tricia Nekota, president, Honolulu Board of REALTORS®.
Kailua-Waimanalo single-family home sales rose 105%, with 41 sales compared to 20 sales during the same period last year. The median sales price for a home in this area jumped 5% to $1,230,000. New listings were down 27%, and active listings declined by 29%. Meanwhile, Kailua-Waimanalo condo sales were up 180% at 14 sales compared to five sales in March 2019. The median condo sales price rose 6% to $677,500. New listings were down 12%, and active listings dropped slightly by 2%.
Kalihi-Palama single-family home sales increased by 129% with 16 closed sales compared to seven sales in March 2019. The median sales price was up 3% to $830,000. New listings were down 35%, and active listings declined by 34%. Kalihi-Palama condo sales jumped 57% with 11 sales compared to seven sales during the same time last year. The median sales price for a condo in the area was down 6% to $438,000. New listings were up 18%, and active listings were up 7%.
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.
Please click here to download the full LMU report.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,200 boards of REALTORS® in the nation, and, with more than 6,500 members, is one of the largest trade organizations on Oahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. For more information, call (808) 732-3000 or visit www.hicentral.com.