The Leeward Migration
According to the Honolulu Board of REALTORS®, the median price for condos, on Oahu, was $395,000 during the month of November 2016. This is a 13.7% from the same time last year. With prices increasing, I believe some Buyers are expanding westward with their home search.
The demand to live in town still remains high. However, not many home buyers can afford the hefty price tag. As I survey my own clients, many of them started their home search in Honolulu. Realizing how expensive and competitive listing are, many of my Buyers expanded their search to to Salk Lake and Halawa and eventually to Pearl City and Aiea. Some of my clients have even ventured to Waipio Gentry and to Mililani.
It seems like many other Buyers are expanding westward too. In the past few weeks, I've submitted offers on numerous condos located in Pearl City. It wasn't uncommon that my client was competing with multiple offers, which usually consisted of all cash deals.
Combing through the data, there were only 22 listings in the Pearl City - Aiea region during November 2016, compared to 32 listings the same time last year. This is a 22% decrease.
The median price for condos in the Pearl City - Aiea region was $379,000 in November 2016. A year ago, the median condo price was $303,000. This is a 25% increase.
When I first got into real estate, it seemed like listing in the Waiau neighborhood sat on the market. Now, they sell like hotcakes. Noelani Street seems to be a desirable location because you're living in a townhouse (not a high-rise condo), it's proximity to the freeway on ramp and off ramp, and its ample street parking.
As our real estate market continues to boom, it'll be interesting to see Buyers continue to head leeward.