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The Waialae-Kahala housing market is undergoing noteworthy changes, with substantial growth in both median sale prices and sale prices per square foot. To comprehend the dynamics of this market, it's crucial to delve into the statistics and trends that characterize it. This article provides a comprehensive analysis of the Waialae-Kahala housing market, examining critical metrics and offering insights into the area's competitiveness.
The Waialae-Kahala housing market can be best described as "somewhat competitive." The market temperature is dictated by several factors, including the time homes spend on the market, the number of offers received, and the final selling price relative to the list price.
The median sale price of homes in the area has seen an impressive 14.5% increase over the last year, standing at $1.5 million as of July 2023. This uptick suggests growing demand and robust economic factors supporting the real estate market.
The median sale price per square foot is another key indicator of market health. As of the most recent data, the price stands at $1.09K, a staggering 41.2% increase since last year.
In terms of volume, 33 homes were sold in July 2023, which is consistent with the 33 homes sold in the same month last year. This steadiness in transaction volume suggests that demand remains stable, and supply constraints haven't dampened the market's vibrancy.
Based on the indicators and metrics discussed, the Waialae-Kahala housing market can be considered moderately hot. The considerable growth in median sale prices and per-square-foot prices indicate rising demand. While homes take slightly longer to sell compared to last year, the market remains competitive, especially for highly desirable properties that can sell above the listing price.
Anyone looking to engage with the Waialae-Kahala housing market—whether as a buyer, seller, or investor—would be wise to consider these trends and metrics seriously. The market's current trajectory suggests it may continue to favor sellers, but buyers willing to act quickly might still find worthwhile opportunities.
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