HONOLULU (KHON2) — The surging prices of single-family homes in Hawaii have many turning to condos and townhomes as an alternative.
Condominium listings are below typical levels, however, according to real estate firm Locations.
Close to one-third of Oahu’s condo neighborhoods had no condos for sale during March 2021, and 75% of those neighborhoods had fewer listings. The president and CEO of locations says condos are a good investment for some first-time homebuyers.
“If a single-family home is not within reach for some first-time homebuyers, it’s better to invest in a condo now and start building home equity to position yourself for the future. Many new condos in the urban core offer affordable and reserved units for those who qualify.”Jason Lazzerini, Locations president and CEO
Kaneohe had just 14 condos for sale at the end of March 2021, compared to 46 at the same time in 2020.
The Leeward side saw the smallest decline in listings; There were 57 condos for sale at the end of March 2021, compared to 62 at the same time in 2020.