In his monthly deep dive into the Oahu real estate market, presented exclusively to Locations agents, Lead Research Analyst John Jacobson updated agents on West Oahu trends, buyer activity and the rental market.
Below are five interesting facts, in handy chart form, from John’s presentation!
1. Although TMK Zone 9 is called “West Oahu,” it includes Ewa, Makakilo, Waipahu, Mililani and Pearl City-Aiea.
2. West Oahu has 40% of Oahu home sales, 31% of Oahu home inventory. Thanks in large part to the Ewa market area, the West Oahu Zone comprises nearly half of all Oahu home sales—wow!
3. Sellers in West Oahu get more of their asking price. In every year since 1982, sellers in West Oahu received a greater percent of sold-to-list price than the rest of Oahu taken together. This gap was especially prominent in 2021, when West Oahu sellers received more than 102% of the list price, while the rest of Oahu got about 100%.
4. 75 percent of West Oahu neighborhoods had a price decrease in 2023. Did you know that Locations tracks more than just market area performance? We track more than 350 Oahu neighborhoods, too! The below chart is one of John’s favorites, as it shows how prices change over one year within a market area’s neighborhoods. While prices were down in three-quarters of West Oahu single-family home neighborhoods, some neighborhoods, like Makakilo‐Palehua Heights and Kapolei‐Aeloa, saw significant gains.
5. The West Oahu market with the most turnover is Ewa; the least turnover is in Pearl City-Aiea. Lastly, the West Oahu market of Ewa has the highest turnover, at 10.7%, while Pearl City-Aiea has the most long-term residents, with a turnover rate of just 1.64%. Turnover for the remaining markets is: Makakilo, 4.09%; Waipahu, 2.33%; and Mililani, 1.77%.
This data is just a fraction of the wealth of knowledge Locations Research Department shares with our agents in special briefings each month. Our lead research analyst also provides custom data to our agents on request—imagine what we could do for you! Contact us to learn more about how Locations’ research capabilities benefit our agents and their clients!
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