Almost on a daily bases I get asked where is the best place to buy.According to the Honolulu Board of Realtors, Oahu home prices have doubled every 11 years from 1985 so as a whole any where on the island is a great investment.However, if you’re interested in selling your home it is important to know the recent regional statistics. The July statistics were recently released and the price jumps and decreases might surprise you.I ranked the regions by the biggest increase in dollar amount because this figure helps you, as the homeowner, to determine how much money you get back in your pocket if you sell your house.If you are interested in a more comprehensive breakdown of what you could net from getting your home sold contact me today.On the other hand, if you are looking as an investor, you may target the biggest increase by percentage.This would help you to figure out which communities you’d like to buy an investment property.I can always provide additional information on hyperlocal breakdowns of each region by neighborhood.
#1. Diamond Head Region........$253,500
#2. Metro Region..................... $105,000
#3. Pearl City Region................. $95,750
#4. Kailua Region...................... $84,500
#5. Ewa Plain Region................. $70,000
#6. Leeward Region................... $61,500
#7. Kaneohe Region ..................$45,000
#8. Makakilo Region ..................$42,500
#9. Hawaii Kai Region............... $35,000
#10. Waipahu Region................ $20,000
#11. Central Region.................. $17,500
#12. North Shore .....................-$48,000
Let’s take a closer look at the top 5. Diamond Head Region increased $243,500 since last July! That is insane growth. The 2015 median was $1,036,500 and the 2016 median is $1,290,000. That is a 24.5% increase in just one year!
Metro Region 2015 median was $875,000 and the the 2016 median is $980,000. That is a 12% increase! The metro area is a great place to live since it’s central to a lot of jobs. As the west side continues to grow, traffic has become a bigger concern for many. Living in town for some means being able to enjoy a shorter commute.
Pearl City Region 2015 median was $645,000 and the 2016 median is $740,750.That is a 14.8% increase or $95,750!
Kailua Region 2015 median was $1,008,000 and the 2016 median is $1,092,500. That is a 8.4% increase and a total of $84,500 increase in home values. With the President visiting Hawaii, Kailua has got a lot more notoriety. The Kailua weather and convenience of taking H3 to avoid traffic are definitely perks of living on the Windward Side.
Rounding out the top 5 is the Ewa Plain Region. Once the rail is complete, I anticipate that the Ewa Region will be even higher on this list. Ewa Region 2015 median was $576,000 and the 2016 median was $646,000. That is a 12.2% increase or $70,000. Also, the new mall in Kapolei will continue to boost home values in this area. You can get larger homes at a more affordable price point.
I'd love to hear why you love your region the best. Curious as to what Your Home Is Worth? CLICK HERE and find out now.
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Author:Mary Standahl Phone: 808-772-0758 Dated: August 26th 2016 Views: 323 About Mary: Mary Standahl is a Real Estate Agent for eXp Realty. Originally from Virginia, she relocated to Ha...
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