Low-Inventory, High Competition in West Oahu

Single-family homes for sale on Oahu are at a record-low, with fewer homes for sale today than at any other point in time since Locations began tracking the market more than 40 years ago.

With mortgage interest rates also at record lows and continued strong demand from local and off-island buyers, Oahu home prices and buyer competition are on the rise. While there are fewer homes for sale in all Oahu neighborhoods, West Oahu neighborhoods in the Mililani, Ewa and Leeward areas are seeing the lowest inventory, and some of the highest buyer competition.

Mililani   

Mililani had the least amount of homes for sale in September 2020. There were just seven homes for sale in Mililani last month, compared to 33 a year ago—a 79 percent decrease in inventory. 

The lack of homes for sale in Mililani, coupled with record-low interest rates and strong buyer demand for this personally popular area, pushed Mililani’s median home price to $810,000 last month—a record high. 

“Mililani has historically been a very competitive market, but it’s gotten even more competitive this year,” said President and CEO of Locations Jason Lazzerini.

One in three Mililani homes sold for above the asking price in September.

Browse Mililani homes for sale.

Ewa

The number of single-family homes in Ewa also dropped by 79 percent over last year, with only 29 homes for sale compared to 137. T

he median price of an Ewa home climbed to $700,000 in September—another record.

More than one in four Ewa homes were bid up over the list price last month.

Browse Ewa homes for sale.

Leeward

Leeward neighborhoods also had significant drop in homes for sale—73 percent less than a year ago.

Competition was also higher in the Leeward market, which includes Waianae, with just 22 listings and nearly one in four homes bid up over asking as of September.

With a median price of just over $500,000, the Leeward market is the only Oahu local market with a median price below $700,000.

Browse Leeward homes for sale.

How to win in a competitive market

Record-low interest rates + record-low inventory + strong demand = extremely competitive market conditions.

To win in this kind of market, homebuyers should get pre-qualified and talk to a qualified Realtor about their specific needs.

“Be prepared to be out-bid a few times before you find your home, and if you can be flexible on your neighborhood of choice, that’s helpful, too,” Lazzerini added.