Kapolei Neighborhoods Offer Value, Choices
With 3,000 single-family homes and 1,800 condos — all constructed after 1990 — and more than 3,000 additional housing units planned by 2035, Oahu’s Second City is growing to meet rising demand.
“Kapolei is a very attractive neighborhood that appeals to homeowners at all stages of their lives,” said John Connelley, principal broker at Locations. “Homes are newer and more affordable than on other parts of the island, and Kapolei is home to several schools, shopping centers and a growing number of jobs,” he added.
More than 70 percent of homes in Kapolei are owner-occupied — a greater percentage than Oahu overall — and unlike other parts of the island, investor-owners in Kapolei are mostly from Hawaii and the mainland. International owners make up less than 1 percent of Kapolei owners.
“There’s a pride of ownership in Kapolei,” Connelley explained, noting that homeowners’ associations keep Kapolei’s neighborhoods tidy and welcoming.
Kapolei homes hold their value, too. The average homeowner in Kapolei has about $290,000 in home equity, compared to $250,000 in neighboring Ewa.
AFFORDABLE, YET STRONG, MARKET
Kapolei home values have been steadily rising for the past seven years, with this year’s median single-family home price the highest on record at $700,000 (the island-wide median single-family home price over the past year is $795,000). In addition to steady price appreciation, home sales in Kapolei are expected to finish the year on par with 2018 sales.
Condominium prices in Kapolei have held steady from the all-time high of $495,000 last year to $492,500 as of July 2019. Condo sales in Kapolei are expected to fall slightly short of last year’s record of 129 sales but are expected to end the year at around 121 sales, which is in line with 2018.
MORE CHOICES, MORE BUYING POWER
The number of homes for sale in Kapolei is also on the rise, particularly in the entry-level price points, with more single-family homes priced between $600,000 and $699,000 for sale this year than the previous two years.
Active condos listings in Kapolei are also increasing, with 16 condos for sale as of July. There are also double the number of condos for sale priced between $300,000 and $399,000, compared to last year.
With more housing units for sale, especially in the entry-level price brackets, homebuyers are finding they have less competition than in recent years. In fact, according to Locations research, the number of bidups, or homes sold for above the asking price, in Kapolei has fallen in the $600,000 to $699,000 single-family home bracket, as well as in the $300,000 to $399,000 condo price bracket.
“Kapolei homebuyers are finding more choices and less competition this year,” Connelley noted.
He added homebuyers are also enjoying low interest rates, giving them an added boost of buying power.
“If you’ve been considering Kapolei, this year is an opportune time to take advantage of increased inventory, stable prices and low rates,” said Connelley.
Learn More About The Kapolei Market
Want to learn more about the Kapolei market? Join Locations for its annual Kapolei and Ewa Real Estate Market Update, Saturday, Sept. 14, from 9 to 11 a.m. at Kapolei Golf Course. Ask your Locations Realtor® for more information or call 735-4200.