In this chart, we can see the “Odds of Selling Your Home”. It is based on the last 2 years of sales for Regency Park. We can see a slight decrease in our odds of selling from 57% to 42%, from 2019 to 2020. The rate at which units are selling is down .2 per month. There are currently three units in escrow and nothing active.
Each sale in 2019 is represented in this “Buying Patterns chart.” We can see that the closing dates group around February and May (Also Sept-Nov). If we assume that most properties take on average, 45 to 60 days to close, we can roughly estimate when these properties went in to escrow. But with COVID-19 going on, it is really anybodies guess in 2020. Right now it is hot.
“The Pond” chart illustrates the concept of a market… where properties are coming on the market and going off the market at specific rates. In the past 3 months, 3 new properties came on the Kaimuki market and 2 sold. There are currently 4 units on the market and all of them are under contract.
Each dot on this chart represents a sold property in the past two years. On average, it took 76 days on market to receive and accept an offer in 2020. In 2019 it took 70 days (pretty consistent). This Days on market total is reflective of the “average” unit in “average” condition, with “average” marketing. Our goal is to hit the market with above average preparation, marketing and a competitive price. This will ensure that we sell for the most amount of money in the shortest amount of time.
The nation is up ~5%, on average(2012Q2). Hawaii is 7th highest in the nation for price appreciation (7.55%).
Median Days on Market – Taking longer to sell (from a couple weeks to over a month)
57% of Condo sales occur between $400 and 600k
87 points is at 70% of our economic activity PRE-COVID numbers (123).
1st half of year looked scary, but have rebounded in 2nd half
Inventory has being going back down after steady gains since 2017. 6 months is considered a balanced market. Less than 6 is a seller’s market (<6 months) and greater than that, is a buyer’s market (>6 months). 2020 has shown a renewed increase