Worried about home values?

By Lisa Scontras

COVID-19’s full impact on local prices is still unclear

With the state’s population under orders to shelter at home, record-breaking unemployment claims associated with lost jobs and economic conditions evolving daily, it is unclear at the moment what the ripple effects of COVID-19 will ultimately have on our economy and the real estate market.

The latest stats posted by Honolulu Board of REALTORS®, with neighborhood data collected pre- COVID-19 stay-at-home orders from February, show year-to-date median sales prices up in 12 single-family, and in eight condo neighborhoods.

Topping the list of single-family neighborhoods, was Aina Haina-Kuliouou, where the MSP jumped 31 percent — from $950,000 in February 2019 to $1.2475 million. Around the island, in neighborhoods at different price points, prices were still rising at last count. Makaha- Nanakuli home prices surged by 19 percent in the first two months — from $447,000 to $532,000. Kailua- Waimanalo rose 16 percent during the same period — from $999,398 to $1.164 million. Homes in Moanalua-Salt Lake were up 13 percent — from $752,600 to $850,000.

Condominium prices on the island topped out in Kapahulu-Diamond Head — up a whopping 44 percent, from $399,900 to $574,500. In the Ala Moana-Kakaako area, condo MSPs were up 21 percent — from $545,000 to $659,500. Windward Coast condos rose 11 percent — from $295,500 to $327,000. And Waikiki rounded out the top four neighborhoods with an MSP increase of 9 percent — from $357,500 to $389,500.

The HBR statistics gathered for March indicate the MSP for a single-family home, island-wide was $810,000, up 3.5 percent from $782,500 in March 2019. The MSP of a condo on the island was $435,000, up 1.4 percent from $429,000 last year. Two-year lows were $765,000 in February and $390,000 in October 2018, respectively.

For more updated numbers on what is happening in your specific neighborhood, contact a Realtor® for a market update.