These 3 O‘ahu Neighborhoods Are Trending
Find out which areas are experiencing a growth in popularity.
Each month, the Honolulu Board of Realtors publishes statistics on the previous month’s sales, then compares them to the same month a year prior to help identify market trends. September’s statistics showed us that some neighborhoods were experiencing a growth in popularity, including Kāne‘ohe, Wahiawā and Kāhala.
IMAGE: COURTESY OF HONOLULU BOARD OF REALTORS
Wondering why? Well, here are some potential clues:
In Kāne‘ohe, 82 percent more homes sold in September 2017 than September 2016. Unlike the overall median price of a single-family home on O‘ahu, median prices in Kāne‘ohe didn’t increase year to year. In fact, they dropped 3 percent, from $890,500 to $863,000. Meanwhile, Kailua, Kāne‘ohe’s neighbor that often steals the spotlight, continues to be significantly more expensive and saw a 13 percent increase in median price year to year, from $1,089,500 to $1,262,500. Kailua saw a 17 percent drop in the number of single-family homes sold—perhaps as a result of local people beginning to look more to Kāne‘ohe as the affordable windward town. Year to date, Kāne‘ohe sales are up 9 percent, while Kailua sales are down 3 percent.
Wahiawā is also booming, with 100 percent more homes sold in September 2017 than September 2016. The area’s median price of a single-family home is $605,000, well below the O‘ahu median single-family home price of $760,000 for the same month, making homeownership more attainable there than elsewhere on the island. And Kāhala? Well, no one would ever call it affordable, but the 83 percent increase in sales in the area could be due to a lower median sales price, which is down 8 percent, to $1,605,000, paired with more options to choose from. New listings in Kāhala were up 38 percent, making it a good time to shop for something new in Kāhala.