Along with the overall stats released for last month, the Honolulu Board of Realtors also releases a neighborhood-by-neighborhood breakdown. Here’s a few highlights, which may shed some light on the overall market health on O’ahu.
In the single-family home market, some of the most intriguing stats came from the Kalihi-Palama, Makaha-Nanakuli, and Pearl City-Aiea neighborhoods. All three showed double-digit increases in median prices over the same period last year, registering 26%, 31%, and 23% growth respectively. All three also showed consistent single-digit inventory changes, meaning the prices are increasing regardless of inventory. These are also three fairly busy real estate neighborhoods, which gives us a good set of data to work with.
In the condo market, almost all of the neighborhoods were up last year. One neighborhood in particular that did not show a gain was the Ala Moana-Kakaako neighborhood. While most news stories are pointing to an seemingly-endless price increase, the stats are proving otherwise. Resale numbers in the area are down 30% over the same period last year, with inventory up 22% as well. This should ease some fears for those that want to live in the area, but are afraid they won’t be able to afford it.
There are a lot of stats to pour through in these monthly neighborhood updates, and I can’t breakdown each one here. However, if you would like more information on your specific neighborhood, or any of the other 21 around the island, give me a ring and I’d be happy to give you some stats!