A year ago, the median sales price for a single-family home in Kalihi-Palama was among the lowest on Oahu.
Last month, as prospective homebuyers scrambled to find property in their price range, the median sales price for a Kalihi-Palama single-family home shot up to $772,500.
That’s an increase of 20 percent from September 2015, and higher than the median sales prices in Mililani, Makakilo and the Ewa Plain, according to new Honolulu Board of Realtors figures released Tuesday.
Condos in Kalihi-Palama were also selling briskly.
The median price for a condominium in Kalihi-Palama last month was $444,000, the figures show, up 43 percent form the same month last year.
“Kalihi-Palama is an area that homebuyers are increasingly looking at because of its great location and relative affordability,” said Kalama Kim, Honolulu Board of Realtors president, in a news release. “Last year, the median price for a single-family home in the neighborhood was below that of the entire island, but now it has risen to roughly equal the median for Oahu as a whole.”
Kalihi-Palama isn’t alone in seeing prices go up, though.
The median sales price of a single-family home in Wahiawa last month ($617,500) was up 27 percent from the year before.
Makakilo’s median sales price was up 29 percent, from $567,500 in September 2015 to $732,000 last month.
And the Downtown-Nuuanu area saw its median sales price go up 26 percent, to $984,000.
Meanwhile, the Ewa Plain had the highest number of closed sales last month, with 68. There were 35 single-family homes sold in the Makaha-Nanakuli area, and 25 homes closed in Pearl City.
Some 14 homes were sold last month in Kalihi-Palama, double the number that closed in the same month last year.
Another effect of the hot housing market: Homes don’t stay on the market for very long.
In Aina Haina-Kuliouou, homes were on the market for a median of just nine days last month. In Wahiawa, they were on the market for just six days. And in Kalihi-Palama, the median days on market was 11, from 27 in September 2015.