When a condominium owner gets in touch with me to list his unit for sale, I supply a whole packet of statistics that go beyond the normal Comparative Market Analysis (CMA). The CMA is meant to arrive at a sales price that the market is likely to accept. These CMA's are derived from, most often, similar units consisting of 2 or 3 "sold" and "for sale" ones.
But is this enough? My sellers want to know not only what the market conditions are in the area, but also WANT TO KNOW THE STATE OF THE MARKET IN "HIS" CONDOMINIUM COMPLEX.
For this seller, I develop some custom graphs:
1. how long will a well-priced unit be on the market before it sells in his building,
2. the sales price vs "sold" price overall in his building
3. and how many units have been sold and when.
Below are some sample graphs that I developed for one of Honolulu's most well-known condominiums:
Ilikai Apartment Building Condominium Complex, 1777 Ala Moana Blvd, Honolulu, Hawaii 96815
Above: Interesting how the "days on market" went down to virutally ZERO in April, 2013.
Above: In 2012, pricing and "sold" price were pretty close. Starting in February 2013, prices went up, but "sold" prices low. Right up until April 2013, when the "days on market" in the chart above, was virtually ZERO, then the demand went up along with prices.
Above: Higher prices were certainly paid for more condominiums in 2013 than in 2012. This bodes well for the sellers. When I now look on the MLS, pretty much all the condominiums are priced in the higher price ranges.
If you are interested in listing your unit with me in the Ilikai or any other condominium complex in Honolulu, please give me a call and I will prepare not only a CMA, but also some historic charts like this that will help you in pricing your condominium for today's market.
Please call me on my cell phone at (808) 226-1095.