Homes in Hawaii naturally take a little longer to sell then in a hot market like San Francisco or Los Angeles. These are specialized homes in a remote location and while home prices may not be cheap, depending on the home, it could take a while to sell.
Mililani: Currently the real estate market for Mililani, Oahu is as such; there are 196 properties including single-family homes and condominiums with a median list price of around $469,000. There are currently 1% distressed homes including bank owned, short sales and foreclosures on the market. The current median days on the market is about 45, up 15% over last month.
Honolulu and Waikiki: The total inventory for the Honolulu Metro market is about 2100 properties including single-family homes, condos and townhouses. This is down 2% over last month. The median list price is $619,000, up 1% from last month. Again there are 1% distressed properties on the market. The median days on the market for Honolulu and the surrounding areas including Waikiki Beach for 68 days, up 5% over last month.
If you price home correctly and it’s in decent condition you should be able to get an offer within the first month. If within the first three weeks you don’t see any action on the home, it’s time to lower the price. Depending on how motivated you are, pricing a home under market value will definitely make it move faster. If you are testing the market and just want to see what you can get for the home, you may be sitting there for quite some time. Aggressively pricing a property in Honolulu or anywhere on the island should get the right buyers through the door, however, most sellers want to get as much as they can for their property so finding a good balance between the initial list price, sale price and how to market the home takes the skill and seasoned research of a qualified Hawaii real estate agent.
When the time comes to sell and you’re ready to test the market or would like to aggressively price your home to sell quickly, give us a call at any time.