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Aloha! from your Resident Experts!
At year end there were 7 active listings, only one of which was a 1 bedroom unit, and that unit is in escrow at this time. For the first time in a while, we have more upstairs 2 bedroom 2 bath units for sale than any other category. As of 1/13/14 we have 8 active listings, of which there are: one 2/1 downstairs priced at $379,000, two 2/2 downstairs units both priced at $399,000, and five 2/2 upstairs units priced from $377,500 to $439,000.
We only had one closing in the 4th quarter – a one bedroom downstairs unit that closed for $259,000. One 2/2 upstairs unit that has been listed for 67 days was recently reduced to $377,500, so we expect that unit to go into escrow soon. There is also a 2/2 downstairs unit in escrow that should close in January with an asking price of $410.000. We are experiencing good activity levels with interest from buyers and showings (when we can get into the units, since occupancy is high at this time of year).
The differences in asking and selling prices probably has to do with three things
It does feel like prices have stabilized a bit over the last few months, and with more inventory we don’t expect prices to continue to increase they way they did in 2013.
With 8 current active listings, and three sales (including the 2 in escrow which will close in January and the 1 closed sale), we have approximately 8 months of inventory available, more than last quarter. This time of year tends to be busier in terms of interested buyers, so we are optimistic that the sales pace will pick up by the end of the quarter.
From October 1 to December 31, there were 11 listings (there were no short sales or REO/bank owned sales). There were 2 pending at the end of the quarter. At the quarter’s end, there were only 7 listings available for sale; all of which were 2 bedroom units.
The 2013 closed sales for Aina Nalu are listed below. Out of 15 sales in 2013, Aloha Realty Group was involved in 6 of the transactions and represented 9 buyers and sellers in those transactions. The average days on market for all sales was 175, and the average sales price to list price percentage was 94%
*= sold as short sale
From Jan 1 to December 31, there were 26 listings (2 were short sale and none were REO/bank owned). Two listings were pending at the end of the year. At the year end, 2 of the listings were canceled, leaving 7 active listings. As of January 13th, there are no one bedroom units listed. There is one downstairs one bedroom unit in escrow.
Barbara S. Potts, R(B), MBA, SFR, ABR®, CNE, CIAS,
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