Increased Inventory in Kapolei and Ewa Offers Opportunities for Homebuyers

Low inventory has been a driver of rising median prices on Oahu for years, but in August 2018 buyers are finally starting to see some relief--if they know where to look. While inventory has been increasing for seven months island-wide, inventory levels vary quite a bit by market area, neighborhood and even streets within neighborhoods.

Ewa and Kapolei are two neighborhoods that have been popular with first-time homeowners for many years now. This summer, there are some great pockets of opportunity for first-time homeowners, but not all subdivisions in Ewa and Kapolei have seen inventory increases in 2018--there are a few areas where there are fewer listings than last year. Overall, there are 64 more listings in Ewa and Kapolei than last August at this time.

Popular for the wide variety of newer and varied home types and styles, many homeowners feel like they're able to get more bang for their buck in West Oahu, where the median price per square foot is lower than in town. West Oahu also offers a multitude of shopping and dining options, great schools and many city and county jobs.

Neighborhoods with greatest inventory increases

The Ewa and Kapolei neighborhoods with greatest increases in listings at the time of our snapshot are Hoakalei-Ka Makana, Ocean Pointe and Ewa Gentry-Prescott, which had only one listing last year compared to eight this year. More listings, of course, translates to more options for homebuyers.  In some cases, more options can mean less competition.

Increased listings in these areas could be attritubuted to homeowners who have built up significant equity in their homes trading up or downsizing, a greater concentration of militiary members in these areas, or simply the changing needs of homeowners.

Neighborhoods with greatest inventory decreases

The Ewa and Kapolei neighborhoods with greatest decreases in listings at the time of our snapshot are Ewa Gentry Sun Terra, Kapolei-Kumu Iki and Huelani.

In conclusion

While interest rates are rising, those in the market for a home this year shouldn't get discouraged. With more listings available in many popular neighborhoods--like Ewa and Kapolei--homebuyers may face less competition than last year—if they know where to look. Remember, every neighborhood is different, so it's important to partner with a REALTOR® who can help you sift through this new inventory and identify opportunities that are right for you.