79 home sales sold in August with a median price of $585,000. In August of 2012, 77 homes sold. The median for August 2012 was $509,000. That is approximately a 3% difference in sales volume and a 15% difference in median value when comparing this August to last.
There were 108 condo sales in August with a median price of $415,000. Last August, there were 98 condo sales with a median price of $342,450. That is a 10% increase in sales volume and a 21% increase in median value.
There were 25 land sales with a median price of $350,000. There were 12 sales last August with a median of $350,000. This is a 208% increase in activity.
The highest sales price for a home was $6.3m for a 4 bedroom, 6 bath home in Wailea Golf Estates. This was 1 of 5 total home sales this month over $2m. The highest priced condo sale was $3.5m for a 2 bedroom, 2 bath front row Kaanapli Ali’i. This was 1 of 3 condo sales over $1.5m.
There were 16 total REO (bank owned) sales in August. That is a slightly up from what saw in July and June, 2013. Bank owned inventories remain low from what we experienced a few years ago.
My advice to buyers is to get pre-approved for your loan, take some time to identify ahead of time before you start submitting office which areas, complexes or subdivisions best fit your investment criteria. As we have limited inventory, well priced properties move into escrow quickly and you will be left wondering why you were not more well prepared.
For sellers, do all you can to prepare your property for sale before you list your property. Fix items that need attention, apply a fresh coat of paint, take a hard look at recent sales figures and list your property accordingly. Pay attention to the first impression your home or property makes when a potential buyer first visits your property and make any adjustments accordingly.
Should you wish to connect with a realtor who is compassionate and committed to you, please contact Michele Muir White R(S), ABR, SFR, Coldwell Banker Island Properties (808) 298-8448, e-mail: michelewhite@hawaii.rr.com
