Some interesting information regarding Oahu housing prices is out this week from the Honolulu Board of REALTORS(r). They’ve broken down price increases – July 2013 over July 2012 – by individual neighborhood for condos and single family homes.
The news is generally very good, with double digit increases in median prices in many neighborhoods. This is consistent with the national trend over the same period and underscores the solid recovery that is taking place.
Here are the numbers for single family homes by neighborhood (how are you doing?):
Clearly, there havre been big increases on the Windward Coast, in Waialae-Kahala and Makaha-Nanakuli. A couple of anomolies are evident as well. Note the big decrease in median price in Ala Moana-Kakaako. This is not significant because only 2 single family homes have sold and closed in the neighborhood this year. And the $0 median price for Waikiki in July, 2013, is because . . . well, there were no single family home sales closed in Waikiki that month! It was all condos! In the first seven months of 2012, only one single family home sold in the neighborhood.
Now let’s take a look at the same information for condominiums on Oahu:
Once again, the huge increases on the North Shore and in Aina Haina – Kuliouou are not really significant. On the North Shore only 24 condos were sold through July 2013, 17 through July 2012; in Aina Haina – Kuliouou only 2 condos were sold during the first seven months of both 2012 and 2013. However, the 26% increase in Makaha – Nanakuli is based on significant numbers of closed sales as is the 22% increase in Downtown – Nuuanu.
The data is certainly interesting, but much more information is needed to really understand what’s happened to the value of your own home. When you contact Help-U-Sell Honolulu Properties, we will do a thorough analysis of your home, your neighborhood, the local market and trends to give you an accurate idea of what your home might sell for in this great real estate market.