Do you know what Waimanalo, Waipio Gentry, and Manoa have in common? If you guessed home prices, you'd be wrong.
Top 5 Neighborhoods with the lowest turnover of single-family homes in the past year*
- Seaview (Waipahu): 3%
- Waiau (Pearl City): 4%
- Keaahala (Kaneohe) & Royal Summit (Pearl City): 5% each
- Waihee (Kaneohe), Waipahu Estates, Nanakuli, Ualakaa (Metro Oahu) & Salt Lake: 6% each
- Kahala-Puupanini: 7%
These are the low-turnover neighborhoods that run the gamut in their location and average home price - what they have in common is that all the residents love living there and are rarely inclined to move.
*Excludes the neighborhoods with no sales in the past year and neighborhoods that are designated Hawaiian Homestead Communities.
Top 5 Neighborhoods with the highest turnover of single-family homes in the past year
- Maili Sea Makalae: 39.3%
- Ewa Gentry, Montecito/Tuscany: 23.4%
- Ewa Gentry, Cypress Point: 18.5%
- Makakilo-Wai Kaloi: 16.7%
- Huelani (Ewa Plain): 15.8%
All five of these neighborhoods are located on Oahu's West Side
What does this mean for home buyers and sellers? If you're looking to buy in a neighborhood with low turnover, like Manoa, be prepared to be patient and pay a premium for this sought-after area. On the other hand, if you're looking to buy and aren't tied to a particular area, you may want to focus your search on high turnover neighborhoods--like those in the Ewa region--where you may be able to score a better deal. Sellers in low-turnover neighborhoods have an advantage, too--particularly if the neighborhood has other desirable attributes, like ocean frontage. Sellers in neighborhoods where there is higher turnover are not necessarily at a disadvantage, however, as overall housing inventory remains very low, as does the median Days on Market. In these higher turnover neighborhoods, sellers should be sure to have their properties ready to show in good condition and priced appropriately. A qualified Realtor, like The Dream Team Hawaii, can advise sellers on how to show and price homes in competitive areas.
Want to know what the turnover is in your neighborhood? Contact us for your custom neighborhood report.