Top Oahu Neighborhoods for Entry-Level Homebuyers in 2020

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Anne Cicero

Locations

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Oahu Neighborhoods for Entry-Level Homebuyers in 2020

Single-family home and condo neighborhoods with ideal market conditions for entry-level buyers 

HONOLULU – (February 27, 2020) New research from Locations—Hawaii’s leading real estate firm—highlights the top five single-family home and condo neighborhoods for entry-level homebuyers in 2020.

"What makes a neighborhood attractive to entry-level homebuyers is subjective, as is the definition of entry-level.” said Locations President and CEO Jason Lazzerini. “Our list of top entry-level neighborhoods for 2020 is a jumping-off point, taking into consideration factors such as price, competition from other buyers and home size. Prospective homeowners should consider this list as a starting point, and, as always, communicate their wants and needs to their Realtor®.

With a knowledgeable agent, a degree of flexibility and some patience, it’s possible for entry-level homebuyers on Oahu to find the single-family home or condo that meets their needs and their budget,” Lazzerini added. Locations selected its top five entry-level single-family home neighborhoods for 2020 based on: median price (between $560,000 and $675,000 or 70 to 85 percent of the median), low competition from other buyers (20 percent or less bid ups), year built (1985 or newer) and home size (three bedrooms). Based on these factors, which are often of high importance to entry-level homebuyers, Locations found the following five Oahu neighborhoods to have ideal market conditions for the entry-level homebuyer:

Locations selected its top five entry-level condo neighborhoods for 2020 based on: median price (between $305,000 and $390,000 or 70 to about 90 percent of the median), low competition from other buyers (20 percent or less bid ups) and condo size (two or more bedrooms). Condo age was not included as a factor in determining Locations’ top five condo neighborhoods for entry-level buyers, as Oahu’s condo stock in this price range is older, on average, than entry-level single-family home housing. Based on these factors, Locations found the following five Oahu neighborhoods to have ideal market conditions for the entry-level condo buyer:

 “At the entry-level price point for two-bedroom condos, prospective homebuyers may need to be flexible on building age; however, entry-level condo neighborhoods are spread out across the island—from Kapolei to Punahou” Lazzerini said.

Lazzerini also noted that homebuyers seeking a new, affordable condo should ask their Realtor® about Hawaii Housing Finance and Development Corporation (HHFDC) and low-down payment opportunities.

Locations recommends that prospective homebuyers partner with a knowledgeable Realtor® who can advise them on market conditions in their neighborhood of choice. The overall Oahu median single-family home price for the 12-month period ending in January 2020 was $789,000, while the overall median condo price for the same period was $430,000.

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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has over 400 agents across the state with five offices on Oahu, one on Maui and four on the Big Island (Clark Realty). Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.