Each neighborhood on Oahu has its own real estate market

All 21 regions saw higher median single-family home prices this year, with the two most expensive markets seeing the smallest gains and two rural areas the biggest gains.

Oahu’s changing real estate market has 21 different stories to tell this year.

Regions on the island saw higher median prices in the first three quarters of 2022, but rising interest rates cooled demand from last year’s hot markets.

“We are in a different market environment than we were a year ago,” says Chad.

Mr. Takesue, Chairman of Honolulu Real Estate Association. “Currently, properties are spending more time in the market before moving into escrow, making it less common to bid above the asking price.”

So far this year, two of Oahu’s 21 regions have seen increased single-family home sales compared to the same period in 2021.

• One of the most interesting markets is Waipahu, the number of single-family homes sold in the first nine months of 2022 increased 3% to 178. The median there increased 14% to $956,500. The number is almost double from the same point last year, now at 29 compared to 16 last year. But with pending sales he’s down 13%, Waipahu could end the year with fewer sales than he did in 2021.
• Other Oahu areas with high single-family home sales include: Mililani, two homes were sold during the first three quarters of this year compared to last year, up 1% to 160 units. The median increased 14% to $1.09 million. And while active inventory is up 47% year-over-year, pending sales are up by just one.

The two areas with the highest number of home sales are on opposite ends of the island.

• of Plain of Eva From Ewa Beach to Kapolei to Ko Olina Resort, it’s all included. There were 582 total sales this year, down 14% from last year, but the median price he climbed 11% to $931,000. Active inventory saw the most growth, with homes for sale up 156% as of Sept. 30, compared with just 41 at the same time last year. Pending sales are down 21%.
• Kailua Waimanalo There were 266 home sales through September 30, down 17% from 320 in the same period last year. Still, the median $1.58 million is up 8% from last year. Active inventory as of September 30 is 31% higher than last year, with 42 homes for sale this year compared to 32 last year. Pending sales are down 12%.

The highest median gain of the year was Windward Oahu and north shore:

• Defined by the Honolulu Real Estate Association, the Windward Coast stretches from Kaneohe to Hauula. The median sales price rose 24% to $1.2 million and sales fell 43% with 44 homes sold.
• The North Shore stretches from Laie to Mokuleia. Average prices rose 25% to $1.72 million, but sales fell 22% with 91 homes sold.

The two most expensive markets experienced the smallest median price increases.

• Waialae Kahala It rose 5% to Oahu’s highest median price of $2.5 million, while sales fell 25% to 73 units.
• ʻĀina Haina-Kuli’ou’ouincluding Hawaii Loa Ridge, rose 5% to $1.74 million, the second-highest median value on the island, while sales fell 30% to 69.

Speaking of expensive, only six regions on Oahu have a median below $1 million. 2019 and 2020 were the opposite, with 15 regions having a median price of less than $1 million and 6 regions having a median price of $1 million or more.

The six regions under $1 million include Ewa Plains and Waipahu (see above). Kalihi Palama ($930,000, up 9%), Makakilo ($998,000, up 11%), and:

• Makaha Nanakuli, the lowest median price on Oahu for the first three quarters of 2022 is $705,000, up 12% from a year ago. Sales there he fell by 12%, with 235 homes sold. The 2019 median was $505,000. Since then it has jumped about 40%. As of Sept. 30, the available inventory was almost double that of the previous year, with 72 homes for sale. Pending sales are down 29%.
• Wahiawa, the second-lowest median value on Oahu is $900,000, up 21% from a year ago. Sales through September 30 are down 14% from 2021, and pending sales are down 9%. Active inventory is up 67%, with 10 homes on the market compared to his six last year.