Rising Housing Costs in West Oahu

Research analyzed by Locations found that Oahu single-family home and condo sales for the month of September 2020 and found rising housing costs in West Oahu along with: 

• Active listings are down in all Oahu single-family home markets. 
• Mililani had the fewest homes for sale last month, with just seven homes compared to 33 as of September 2019—a 79 percent decrease; Mililani’s median home price reached a record $810,000.  

• The Ewa and Leeward markets also had significant decreases in homes for sale, with a 79 and 73 percent drops, respectively. Bid ups increased by 58 percent in the Ewa market (which includes Kapolei) as of September, while the median price reached $700,000—another record. 
• Competition was also higher in the Leeward market, which includes Waianae, with just 22 listings and nearly one in four homes bid up over asking as of September. With a median price of just over $500,000, the Leeward market is the only Oahu local market with a median price below $700,000. 
• Condo active listings are down in most markets, with increases in Waikiki, Ala Moana-Kakaako, Kapiolani-University, and Kailua  

• Ewa and Pearl City-Aiea were the most competitive condo markets as of September, with one in five sales bid up over asking.  
• There were less than half the number of Ewa condos for sale as of last month than in September 2019, while Pearl City-Aiea had 20 percent fewer condos for sale, with just 38 listings. The median list price for Ewa condos as of September was $630,000, a 10 percent increase. The median list price for Pearl City-Aiea condos reached $412,500, a nine percent increase.  

“Mililani has historically been a very competitive market, but it’s gotten even more competitive this year, with more than one in three homes selling for above asking, compared to slightly less than one in four a year ago,” said President and CEO of Locations Jason Lazzerini. 

Lazzerini went on to say that while the condo market is not as hot as the single-family home market, it is still competitive.  

“While there are nearly three times as many condos for sale as single-family homes, we did see a six percent decrease in condos for sale last month, compared to a year ago—with the biggest drop in condo inventory in the Ewa market,” Lazzerini added. 

With both record-low interest rates and reduced inventory contributing to extremely competitive market conditions, Lazzerini advised would-be homeowners to get pre-qualified for a home loan and to partner with a knowledgeable Realtor® who has access to neighborhood-level market data.  

“Be prepared to be out-bid a few times before you find your home, and if you can be flexible on your neighborhood of choice, that’s helpful, too,” Lazzerini added.