The below map shows a % for both SFH’s and Condos for each of the areas. This % equals the amount of Just Accepted Offers in Escrow as compared to total inventory for sale. Please note the ACS % at the top left of the map is for an Average of all of Oahu SFH’s and Condos. The Oahu ACS% is the basis for the up or down arrows for each neighborhood on the Island Map.
At each neighborhoods you will the ACS% for SFH’s and Condos in RED if it is below the Oahu Average ACS and GREEN if it is above. The RED Arrows are for SFH’s and the GREEN Arrows are for Condos. Both are either in the Up or Down positions to denote if they are above or below the Oahu Average ACS%.
You will also see the Average For Sale Price for SFH’s in GREEN and Average Sold Price in RED. The Condo’s Average For Sale Price is in PINK and the Average Sold Price is in BLUE.
The ACS% has shot straight up but is now flat lining as we head towards the slowest part of the year.
The truth of the matter is that there is very little inventory that was built in Hawaii Kai that would sell for less than $500,000 and the Hawaii Kai Condos Median Sold Prices remain flat at best.
Sales have increased nicely but now we are headed for the slow time of the year, October-March.
The sales increase, high demand and low inventory for sale has resulted in a faster time on market.
Like almost every where on the Island right now the amount of New Listings have been very few.
The Median For Sale Price of New Listings is low which is great for those seeking this price point.
The combined effects of very low New Listings coming to the market coupled with high demand and sales has resulted in this very low inventory situation has really shored up a real estate market that once I described earlier this year as a Train Wreck.
Please remember that this type of price point is already one of the lowest you will find in Hawaii Kai.
It is readily apparent what price point buyers are choosing to purchase in Hawaii Kai Condos right now and this in most likely hood is going to the lowest price point you will see as buyers are snapping up these bargain prices quickly, hence the shorter Days On Market or D.O.M. The only way the Median For Sale, In Escrow and Sold Prices will drop any further will be from more price reductions.
Please remember that the In Escrow Pie Chart before this graph we see above are for what buyers are choosing to put into contract now. This Sold Pie Chart reflects what had gone into contract approximately 60 days ago.
As we can see the majority of buyers are overwhelmingly choosing to purchase in the $400,000 to $499,999 price range at this time. Sixty days ago they were choosing to put into contact and now have been recorded sales in the price ranges of $400,000 to $699,999. Also approximately 60 days ago the favorite price range was $600,000 to $699,999.
It is my sincere wish that you have enjoyed this report and have found it useful. I also have complete sales reports that are updated on a monthly basis for Neighborhoods on Oahu as well as certain Condo Buildings around the Island.
You can find my reports on my website at: www.hawaiirealestatestatistics.com
If at any time you do not see a specific report you may need just email or call me at: Mikeg@hawaii.rr.com or 808-384-9015
Mike Gallagher, Broker in Charge, RE/MAX Honolulu
Ethics Complaints Review Committee Member, Honolulu Board of Realtors
My other websites and Feature Articles can also be found at: www.hawaiilife.com and www.aroundhawaii.com
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