Many have asked about how much can they purchase a single-family home in Hawaii at different locations on the island. Here let's look at Ewa vs Metro areas for comparison.
Ewa and Kapolei real estate activity is getting hotter as we step into 2021. Partially due to newer developments and also cheaper home prices compared to the Metro area. Many of the better listings on the West of Oahu are sold at a faster rate as well.
Here we can look at this chart to see how is the average sold price for single-family homes in the Ewa vs the Metro.
The blue represents the average sold prices on all Oahu for the single-family homes
The Green represents the Metro Area
The Grey is then for the Ewa Area.
As you can see the average sold prices of homes in Ewa started around mid $650K in 2017 and now went up all the way to $800k and ever since 2019 most homes are sold above 700K or at least at high 600ks.
So if you are looking for a home with a budget lower than 600k, you will have a harder time finding in these locations unless it is a CPR home with some maintenance fee. There are some homes that are lower than 600k but those are either really in bad shapes or in a location that you most likely wouldn't want to stay at least for now.
In the metro area, single-family homes are built earlier time yet the price is likely above 900K or more.
So if your budget is below 600k, you can consider some of the townhouses or condos around the town side or Ewa side that can give you a better living environment but the trade-off is that you just need to pay some maintenance fee. It is common to see a maintenance fee above 400 USD. Usually, the maintenance may include water and sewer fees that if you own a single-family home you will have to pay regardless.
In 2020, the median price of the single-family home on Oahu has reached an all-time high due to demand and supply. Homes on the West side of Oahu are also increasing in value as we speak. Newer development for homes is also increasing their prices as the market move higher. So when people ask if the home price will fall in Ewa, the answer is likely no because new homes are selling at a higher price too. Even with the prices going higher on the West, they are still cheaper than those in the metro area and most of the time newer.
In Ewa, there are many golf courses, many investors like golf course fronting homes. In the past, we have seen those homes sold very fast and also appreciated in values. Golf courses fronting homes are limited in number, it is why usually there is higher demand.