Local Market Report for Single Family Homes
Community Park in Mililani Town
Mililani had the largest increase in the number of sales with a 114% increase. It jumped from 7 sales in February of 2019 to 15 sales in February of this year.
Aerial View of Hawaii Kai
As far as the median sales price goes, Hawaii Kai saw the largest spike with a 33% increase. That went from $1,357,500 in February of last year to $1,800,000 in February of this year. So, it's a great time for Sellers.
Local Market Report for Condos
If we look year to date, the number of neighborhoods that have had increases in the number of sales is about equal to the number of neighborhoods that had decreases in the number of sales. So, our market is relatively stable. The neighborhood that had the largest increase in the number of sales was Kaneohe.
Eden at Haiku Woods Condos in Kaneohe
In Kaneohe, there was more than a doubling of sales. It went from 7 sales in February of 2019 to 15 sales in 2020.
Kuapa Isle Condos in Hawaii Kai
Our highest median price was in Hawaii Kai where the median price in February of 2020 reached almost $800,000. It's an interesting time to be in real estate. It's a very interesting time if you have a house or a condominium to sell. Harcourts is different because we do auctions. The following will cover auction activity for this month.
Harcourts Auctions Activity in March
We are the auction experts
In the height of this global pandemic with the corona virus, real estate doesn't sleep. Harcourts Auctions is still getting properties sold. This past Wednesday, we held our non-distressed auction platform virtually out of California. There were 21 properties for sale and of those, 7 were just "previews" as we're now rolling out auctions in the Bay Area. However, 14 properties went to market, 8 sold and 5 others are currently under negotiations. Only 1 of the 14 is "still available". In addition, every single one of those auction listings had offers on them and some had multiple offers. So, this is a great business model and a great option for Sellers in this current market environment.
We're hosting these auctions virtually. You can still look at the homes obviously, however the auction process is taking place online and you don't have to go into a room with a bunch of bidders. If you want more information on this, feel free to reach out to us at 808-777-4880. Aloha!