Single-Family Home Prices up in 72 Percent of Oahu Neighborhoods
HONOLULU – (April 22, 2019) – Locations—Hawaii’s leading real estate firm—reported nine percent fewer single-family home sales for the 12-month period ending in March; however, an analysis of Oahu neighborhood sales reveals that 45 percent of single-family home neighborhoods had an increase or no change in number of sales.
“At Locations, we analyze hundreds of Oahu neighborhoods, because it’s really not that relevant to folks in Haleiwa—for example—that overall Oahu home sales were down nine percent—in Haleiwa, home sales doubled since last year,” said Scott Higashi, president and CEO of Locations.
Locations’ analysis found that 36 percent of Oahu single-family neighborhoods had an increase in the number of sales, while nine percent had no change in sales. Single-family home neighborhoods that had at least double the number of sales last period compared to the previous year include: Koko Kai, Hoakalei-Kuapapa, Waipio Acres/Waikalani, Haleiwa and Keapuka.
“When people read only the overall Oahu market statistics, they really miss out on what’s happening in their particular neighborhood,” Higashi added.
Number of sales not correlated with median price
Seventy-two percent of Oahu single-family home neighborhoods had an increase in median price in the last year. There was no correlation between a decrease in sales and a decrease in median price. Of the 104 single-family home neighborhoods that had a decrease in the number of sales, only 20 percent also had a decrease in price.
“Whether you’re a homebuyer or a home seller, it’s imperative that you have an understanding of how the market is behaving in your particular area. With the variety of housing stock and supply across Oahu’s hundreds of neighborhoods—and tens of thousands of ‘micro-neighborhoods’—the ‘big’ number can belie what’s happening on your block, or on your floor. We think that people make more informed real estate decisions when they look at micro-neighborhood data,” Higashi added.
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.