Makakilo Condo Prices Up 13 Percent — Are Sellers Cashing In?
Every month the Honolulu Board of Realtors publishes a home sales report for every neighborhood on the island. As you can see, it’s a lot of charts and numbers. Happily, Kapolei Realtor Sam Paltikian is here to explain what it all means for west side homeowners.
Sam’s August Real Estate Report Breakdown
Makakilo median condo prices are up 13%, with median prices at $395,000, which means it is a good time to sell! There were 16 closed sales in August. And inventory is now up 90%. Looks like the sellers have caught on to the rising prices, and are trying to gain some profits.
ʻEwa Plain single family home sales were up 1%, with a median price of $680,000. There were 68 sales made, and inventory is up 26%. The days on market for single family homes remains at 19 days, which is the same as August of 2017, and condo sales are moving faster at 11 days, compared to 16 days back in August of 2017 (-31%).
Here’s the full report:
The Most Interesting Home Sales Of The Month
Iwalani is a desirable neighborhood, since it’s walking distance from Ka Makana Ali’i. A single-family home that’s the largest model in this neighborhood sold recently. Listed at $750,000, it sold in just three days! This shows how strong the housing market is in Kapolei.
A unit sold in Makakilo Hale 1 was a stunningly good buy at $450,000; you won’t find many prices like this on the island!
Sam In Action
I met a young couple at an open house I was hosting, just last week. They are thinking about buying their first home together, and asked me the best question a first-time buyer could ask: “What does a Realtor do for the client?”
I love this question. Here are my top eight things a Realtor does. It’s just what I told them:
- Help find the best area for you, based on local market knowledge.
- Introduce you to lenders, to provide you with a loan.
- Set up and take you on showings of properties.
- Negotiate price and terms.
- Manage the 14-page Purchase Contract, to protect you.
- Set up inspections and explain what the inspector’s report means.
- Walk you through the process, every step of the way.
- Provide support, even after the purchase is completed.
And, because the Realtor’s fee comes out of the purchase price, you don’t pay anything out of pocket for any of it. The young couple was surprised I had so much detail for them.