ʻEwa Plain May Real Estate Report: Fixer-Upper Opportunities Do Exist
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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 RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781), is here to explain what it all means for west side homeowners.
Sam’s May Real Estate Report Highlights
- Condo sales soar with an increase of 5.1% in units, but median prices drop 2.9%.
- Condo days on market have also increased by 42.1%, going out to 27 days.
- Condo active listings also up 18.8%, which may be effecting the days on market and lower median prices.
- Single family home active listings also increase by 23.3%, sitting on the market for 21 days which is an increase of 50%.
- Single family home prices down slightly at 1%, and closed sales down 3.6%.
These indicators show that buyers have more choices, taking more time to decide on making offers, and offers coming in below asking prices.
ʻEwa Plain Stats
The latest stats have a clear message: The local market is stable.
Single family new listings are down 16%, with closed sales up 1%, inventory up 7%, and sales price down only 1% from original list price.
Condo new listings are up 3%, closed sales up 6%, inventory up 17%, and sales price down 3% from original list price.
Both single family and condo days on market have increased largely as a percentage, but are still selling relatively quickly.
Feel free to contact me if you’d like to learn more about what these numbers mean for you.
Featured Sale of the Month
Fixer-upper opportunities do exist!
A single-family home in ʻEwa Beach, 4 bedrooms, 1 bath, with 1,242 square feet of living space, lot size of 5,110 square feet, 2 parking, recently sold for only $455,000.
Photo by Forest and Kim Starr via Flickr/Creative Commons
This home was bank-owned, was being sold as-is, and needs major repairs. However, this is an opportunity to be a single family home owner for under $500,000.
For anyone handy with fixing-up and repairs, or with friends that can help, it is a chance not found in many places on this island!
As affordability becomes more challenging, people can find options, if they work a little harder to find the “diamond in the rough.”
Sam’s Story of the Month
I was hosting an open house recently, and 1 of the visitors was wondering if it was a good time to buy?
They are renting, wanting to become owners, but were concerned if prices were too high now and if they should wait?
I showed them the chart below, which tracks Oʻahu median home prices from 1987 to 2019.
Then I explained that while the data shows little ups and downs along the short term, it also shows consistent growth over time. Of course there are some dips and valleys, with the normal real estate cycles.
Building wealth with real estate ownership is a long-term investment, and it is always a good time to buy, so don’t wait.
I like to educate people on market conditions, present options, answer questions, and provide guidance which meets their particular needs. If you would like some personal education for your needs, just give me a call at (808) 265-1450.
Make Realty Dreams A Reality!
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)