What’s Changed (And What Hasn’t) In The West Side 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.
Sam Paltikian is a REALTOR-ASSOCIATE®, RS-79996, at Coldwell Banker Pacific Properties: (RBO-16781)
The spread of Covid-19 has caused a shift in the housing market, as in all economic sectors. While we have sales data for the past few months, the data will always lag behind actual events in unpredictable situations like this one. But we can make some comparisons between sales figures from March, which was only partially affected by the pandemic, and data from April, during the stay-at-home order.
- Median sales prices have maintained the same levels, with no big changes.
- Closed sales have decreased in April, which shows the effective of the stay-at-home orders.
- New listings for single-family homes decreased 45% in April, as people have postponed major decisions like selling a home.
- Fewer homes for sale usually causes prices to increase, as buyers compete for the limited inventory.
- Interest rates remain at 50-year lows, and buyers are still active, as they see this as their opportunity to become home owners.
Our team does not predict the future market conditions, but we will continue to monitor the results, and keep you updated as soon as possible.
What Does This Mean For You?
With every market shift, opportunities arise. This may be the time to study and get educated, so you can find the advantages for your personal situation.
I’m telling my clients to keep these factors in mind.
- Real estate has historically appreciated in the long term over time, and is a tangible investment.
- Oʻahu is an island with a finite amount of land, and we all need to find a home.
- The median sales prices for house have appreciated over time, as shown in the chart below.
- With interest rates being so low, it may be the most affordable time to become a first-time home owner.
- If you are thinking of selling, you may be able to achieve a higher sales price due to limited inventory.
- Kapolei is the fasting growing area on the island, with more jobs being created every month, which makes it potentially a good long-term investment.
Want to understand the data better? Contact Sam for a personal consultation. Making Realty Dreams A Reality!
ʻEwa Plain Real Estate Stats for April 2020
- New listings for single family homes are down 44%, people are waiting to decide their next move..
- With days on market down 57%, with buyers competing for the same inventory..
- Inventory also down 38%, continues the competition for buyers’ selection.
Makakilo Real Estate Stats for April 2020
- New listings for single family homes are down 70%, as people are staying put!
- With days on market down 496%, which looks strange, so I am not sure if this data is affected by some overriding factor.
- Inventory also down 48%, so not much to choose from for buyers.
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.