Locations analyzed 185 Oahu neighborhoods to find the top 5 single-family home buyer’s markets priced below $1 million in 2019.
A “buyer’s market” is defined as a market that has more than six months of remaining inventory (MRI). MRI is defined as the number of months it would take for all available homes to sell if nothing new comes on the market.
“While the Oahu single-family home market remains highly competitive—particularly below the $1 million-price-point—there are neighborhoods where homebuyers have the advantage of higher-than-average inventory,” said John Connelley, principal broker at Locations.
Top five Oahu single-family home neighborhoods for buyers
The top five Oahu single-family home neighborhoods with the highest MRI and a median sales price of less than $1 million for 2019 are:
47-477 Ahulimanu Place, Kaneohe. Listed at $839,900.
1. Ahuimanu Area (Kaneohe). With eight months of remaining inventory—up from less than one month in 2018—and a median sales price of $855,000—a decrease of 15 percent, Ahuimanu is a buyer’s market. One-third of Ahuimanu sales in 2019 were bid-up over the asking price.
47-171 Iuiu Street, Kaneohe. Listed at $799,000.
2. Lulani Ocean (Kaneohe). Also, with eight months of remaining inventory—an increase of five months—and a median sales price of $925,000—a decrease of three percent, Lulani Ocean is a buyer’s market. Twenty-two percent of Lulani Ocean homes were bid up over the asking price in 2019.
319 Iolani Avenue, Punchbowl. Listed at $754,999.
3. Punchbowl (Nuuanu-Makiki). With more than 11 months of remaining inventory—up from four months in 2018—and a median sales price $860,000—a decrease of 12 percent, Punchbowl is buyer’s market. Less than eight percent of Punchbowl sales in 2019 were bid-up over the asking price.
54269 Kamehameha Hwy #E, Hauula. Listed at $505,000.
4. Hauula (Windward). With 11.5 months of remaining inventory—up from 2.7 months a year ago—and a median sales price of $652,500—a decrease of two percent, Hauula is a buyer’s market. Twenty-nine percent of Hauula homes were bid-up over the asking price.
45-055 Lilipuna Road Unit A, Kaneohe. Listed at $870,000.
5. Lilipuna, (Kaneohe). With one of year of MRI—an increase of seven months—and a median sales price of $825,000—a decrease of six percent—Lilipuna is a buyer’s market. However, with 40 percent of sales bid up over the asking price, there is competition in this neighborhood.
Interestingly, three of the top five buyer’s markets under $1 million are Kaneohe neighborhoods,” said Connelley. “Kaneohe as a market area has just 3.3 months of remaining inventory, so homebuyers looking to settle in Kaneohe would be smart to look for neighborhoods where there is greater inventory.”
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