How Is The Pandemic Affecting The Kapolei Real Estate Market?
The real estate market is ever-changing. 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.
The overall activity of the Kapolei real estate market is slowing a bit, due to the stay-at-home order in response to the COVID-19 crisis.
But the selling and buying of homes is considered an “essential business”. So, buyers and sellers can still take advantage of the low mortgage interest rates — and they definitely are! The market is still active. Appraisals and inspections are going on as normal also.
Construction is an essential business too, so new homes are still being built at Hoʻopili, Keali’i by Gentry, Coral Ridge, and North Park (the new development at Ft. Weaver Rd. and Renton Rd.). Buyers can visit model homes with an appointment. Home repairs and renovations are moving ahead as well.
Of course, there have been a few changes. Here’s what I’ve noticed:
- Escrow companies are recording closing using digital technologies.
- Showings are now being done via video steaming apps.
- A little extra care with cleanliness and social distancing.
Here’s what I’m telling clients: Stay safe — but don’t miss out on these 50-year low interest rates!
Oʻahu Real Estate Market Trends
With mortgage rates dropping, buyers are motivated to get a deal done and take advantage of the rates.
- We see a slight drop (3%) for the median price on single family homes, and a slight increase (3.6%) for condos. Both are normal floatation, based on a monthly basis.
- Closed sales on single family homes were up almost 20%, which is significant. Low mortgage interest rates are helping buyers get qualified for higher loan amounts, as the monthly payments are lower too.
- The days on market are lower for both single family homes and condos, as buyers want to close their purchase before interest rates go up.
Want to understand the data better? Contact Sam for a personal consultation. Making Realty Dreams A Reality!
ʻEwa Plain & Makakilo Stats
February is the start of the Military PCS season, with personnel making their moves, and the Kapolei area is an attractive area for military families.
- ʻEwa Plain single family home closed sales were up 33%, with median days on market down 47%, and inventory also down 28%. These are all strong indicators of buyers taking advantages of low mortgage interest rates.
- Makakilo follows with closed sales of single family homes up 100%, days on market down 90%, and inventories down 22%. (Please note that there are much fewer total sales in Makakilo than in the ʻEwa Plain, so the percentages can fluctuate more. However, we can still say that this is strong market sales activity.)
If you want to learn more about these homes, or market conditions for 2020, please contact me for a one-on-one discussion. You can email me at Sam.Paltikian@cbpacific.com or call 808.265.1450.
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)