Kaneohe Takes Three of Top Five Homebuyer’s Markets under $1M
(September 18, 2019) — Locations — Hawaii’s leading real estate firm—published the 2019 top five single-family home buyer’s markets on Oahu where the median price is below $1 million. A “buyer’s market” is defined as a market that has more than six months of remaining inventory (MRI).
In a non-luxury market, six months of MRI is considered to be a balanced 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.
Connelley noted that as months of remaining inventory increase, median home prices tend to decrease, along with bid-ups.
“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.”
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:
- 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. Additionally, there are six active listings in Ahuimanu, an increase of five over last year. One-third of Ahuimanu sales in 2019 were bid-up over the asking price.
- 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. There are six active listings—two more than a year ago. Twenty-two percent of Lulani Ocean homes were bid up over the asking price in 2019.
- 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. Additionally, there are 12 active listings in Punchbowl, an increase of eight over last year. Less than eight percent of Punchbowl sales in 2019 were bid-up over the asking price.
- 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. Additionally, there are 23 active listings in Hauula—21 more than in 2018. Twenty-nine percent of Hauula homes were bid-up over the asking price.
- 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 only five active listings—just two more than a year ago and 40 percent of sales bid up over the asking price, there is competition in this neighborhood.
Connelley added that this report underscores the importance of engaging a RealtorⓇ who has access to detailed neighborhood statistics when buying or selling a home, as the nuances of particular neighborhoods, or pockets within neighborhoods, are often lost in the larger market-area and island-wide numbers.
About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. With nearly 300 agents and five offices across Oahu and one on Maui, our Neighborhood Experts live where you live. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours.
Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.
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