Kaneohe Homes For Sale

Kaneohe Real Estate Market

Kaneohe, located on the island of Oahu, Hawaii, presents a housing market that is "somewhat competitive," with various factors contributing to its current state.

Market Competitiveness

The Kaneohe housing market exhibits several key behaviors that define its competitiveness:

• Time on Market: Homes for sale in Kaneohe are selling in an average of 43 days, a slight increase from 37 days last year. This could indicate that while the market is competitive, buyers are taking a bit more time to finalize their decisions.
• Offers and Pricing: On average, homes receive about three offers before being sold. They generally sell around the list price, but highly desirable or "hot homes" can command up to 2% above the list price and go pending in approximately 39 days.

Financial Metrics

• Median Sale Price: The median sale price for Kaneohe homes for sale was $937,000 last month, marking an 8.3% increase compared to the same time last year. This uptick suggests a strengthening market, possibly driven by increased demand or limited supply.
• Sale Price Per Square Foot: The median sale price per square foot stands at $678, which is a 4.9% increase from last year. This rise further confirms the market's upward trajectory.
• Volume of Sales: There were 16 homes sold in August 2023, down from 28 last year. This decline in sales volume could indicate a tightening market, where fewer homes are available, or perhaps a more selective buyer pool.

Migration & Relocation Trends

• Inbound Migration: Kaneohe is attracting 0.78% of homebuyers from outside its metropolitan area. Most of these buyers are from high-cost cities like New York, San Francisco, and Los Angeles, similar to the trends observed in Kapolei.
• Local and Outbound Movement: About 37% of Kaneohe homebuyers are considering moving out of the area, while a majority of 63% intend to stay within the Kaneohe metropolitan region. Popular relocation destinations include Hilo, Las Vegas, and Kahului.

The State of Kaneohe Housing Market

The Kaneohe housing market is experiencing a mix of trends. On one hand, it's showing signs of competitiveness with homes receiving multiple offers and selling close to or above the list price. On the other hand, there's a slight increase in the time homes spend on the market and a decrease in the volume of sales, which could indicate a more cautious buyer behavior or a tightening supply.

For prospective buyers and sellers, this could be a favorable time to make a move. Sellers may find that their properties are likely to receive multiple offers, especially if they are particularly desirable. Buyers, while facing a competitive market, may still find opportunities given the slight increase in time on market and the decrease in sales volume.

In summary, the Kaneohe housing market is nuanced and requires a well-thought-out strategy for both buyers and sellers to navigate successfully.