HONOLULU (HawaiiNewsNow) - There's no denying Hawaii's housing market is hot, but especially so right now in one Windward neighborhood, according to a recent update from the Honolulu Board of Realtors.
Sales of single-family home doubled in Kaneohe in February. Real estate experts say inventory in the area has dropped by 25 percent in recent weeks due to higher demand, which officials say is likely because Kaneohe neighborhoods are more affordable than other desirable Windward-side communities like Kailua.
According to the Honolulu Board of Realtors, prices are up 12 percent over this same time last year. The median price for a single-family house in Kaneohe is now a little over $847,000. Compare that to the median cost for a home in Kailua, which is more than $1 million. Officials say Kaneohe homes up for sale are typically only on the market for just 17 days.
Real estate experts say another hot neighborhood is Makiki-Moiliili, specifically for those who are interested in condos or townhouses.
Inventory in that community is dwindling as well. New listings are reportedly down by 23 percent in recent weeks, while sales are up 35 percent over this same time last year. The median price for Makiki-Moiliili condos or townhouse units has reached just over $318,000.
Bottom line: officials say limited supply is leading to soaring demand. On Oahu, the median price for a single-family house is now $755,000 -- not far off from the record of $760,000, which was set in June of last year.