Makakilo View Condo Sells For Less Than $300K
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 October Real Estate Report Breakdown
O’ahu single-family home prices rose again—median prices rose again by 6.4%, to $800,000. The average sales price is now over $1 million, at $1,013,132. These high prices make it challenging for families to qualify for the loans required for their purchase. Only 309 homes sold, which is down 13%.
Median condo prices were down 1.9%, to $390,000. Condo unit sales were down 9.4%—there were 443 condo sales last month.
The days on market are also up for all sales. Buyers are moving slowly.
‘Ewa Plain Local Report
Featured Sale of the Month
Buyers, you can still find affordable houses. A 2 bedroom, 1 bath condo at Palehua Nani in Upper Makakilo sold for $295,000.
The value was so good, it sold in just 5 days—maybe because the unit has views of the ocean, coastline, city, and sunsets. Prices for a similar unit in Honolulu could be 60% higher—for value, the second city of Kapolei is the place to buy!
A Story from Sam
This month I had another exciting experience with some new buyers, a married couple. They liked 2 properties equally, and couldn’t decide which to make an offer on to buy.
So I suggested making simultaneous offers, and seeing which one yielded the most favorable terms and conditions to the buyers. The buyers were surprised—even a little skeptical that this was a legitimate option!
I assured them that it was. If you make it clear to the sellers that you are making simultaneous offers, and fill out a form, it’s completely above board.
The situation actually got a little more complicated. Both sellers made counter offers.
We had to manage our counter offer timing carefully, so we wouldn’t breach either contract.
Finally, one of the sellers came through with an offer at a terrific price. My buyers got the home that fits with how they see their future. That’s the job, to me—helping people find the right property for the next phase of their life, not just buying and selling real estate.
So even though all the paperwork and counteroffers took up a lot of my time, it was worth it to follow through on my tagline: Making Realty Dreams A Reality!