Spring has sprung, and despite higher interest rates, homebuyers are venturing out in neighborhoods across Oahu. Islandwide, about one in three homes were bid up over the asking price in March 2024, a sign of moderate demand. But in some neighborhoods that percentage is even greater, leading us to wonder: Which neighborhoods are the most in demand this spring?
To that end, Lead Research Analyst John Jacobson examined recent market data to identify single-family home and condo neighborhoods where Months of Remaining Inventory (MRI)—another indicator of demand—is below average and bid-ups are above average. Forty-five single-family home neighborhoods and 29 condo neighborhoods made the cut.
The result is a list of higher-priority neighborhoods for agents to focus on (hint: You might want to bookmark this post when planning your spring farming). The below charts provide more detail about these in-demand neighborhoods, including median price and total inventory size.
1. The top 3 most expensive high-demand single-family home neighborhoods are in Hawaii Kai and Kailua. Hillcrest, in Kailua, has the highest median price of the high-demand neighborhood group, at $1,870,000. Days on Market in Hillcrest are low at just 12 days, and one in three homes were bid up over asking in the past 12 months. A small neighborhood, with just 173 homes, there are just 1.3 months of supply in Hillcrest. Koolaupoko, also in Kailua, has the second-highest median price in this group of neighborhoods, at $1,817,500, followed by Mariners Cove in Hawaii Kai, with a median price of $1,737,500.
2. On the condo side, the top 3 most expensive high-demand neighborhoods are in Ewa Plain, Kailua and Pearl City-Aiea. Lei Pauku at Hoakalei in Ewa Plain, is the highest-priced condo neighborhood among the 25 most in-demand neighborhoods, with a median price of $814,750. Days on Market for Lei Pauku at Hoakalei are relatively high at 69 days; however, with zero months of supply and one in two homes sold for above the asking price, it is a very competitive neighborhood. The next highest-priced, high-demand condo neighborhoods are Aikahi Park in Kailua and Wailuna in Pearl City-Aiea.
3. Among high-demand single-family home neighborhoods, the largest can be found in Mililani, Diamond Head and Pearl City-Aiea. With 4,092 homes, Mililani Mauka is the largest in-demand neighborhood. The median price of a single-family home in Mililani Mauka stands at $1,250,000, and homes have been entering into escrow in a median of 13 days. Turnover in this neighborhood is very low at just 1.2 percent and only 39 sales in the past 12 months. Four in 10 Mililani Mauka homes are sold for above asking, and there are currently 1.8 Months of Remaining Inventory. Rounding out the top three largest in-demand neighborhoods are Kaimuki with nearly 3,196 homes and Pearl City-Upper with 3,610 homes.
4. For condos, the in-demand neighborhoods with the most units are in the Pearl City-Aiea and Mililani market areas. With 4,205 units, the Pearlridge neighborhood has 2.2 months of housing supply. Units in Pearlridge enter into contract in a median of 26 days, and just over one in three units is sold for above asking. The median price of a condo in Pearlridge is $464,000—slightly less than the overall Oahu median price for condos. Mililani Mauka and Mililani come in at a distant second and third among the high-demand condo neighborhoods, with 2,243 and 2,335 units, respectively.
Charts like the ones above are just an example of the vast capabilities of Locations’ Research Department. Each month, we equip our agents with in-depth data and analysis, giving them an advantage in the marketplace. Want data like this at your fingertips? It’s as easy as joining the market leader in Hawaii real estate research. Let’s chat about what we could do for you!
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