The following charts are based upon the last 23 sales that occurred in the Olomana neighborhood since 2019.
In 2019, there were 10 houses that sold (blue bar). At the end of the year there was one property still for sale (green) and zero properties were withdrawn or expired (red). A homeowners odds of selling in 2019, were 91%. Homes were selling at a rate of .8/month and there was 1.2 months of supply. In 2020, 8 homes sold that year. Odds of selling came down a little bit to 73%. The 3 active listings at the end of the year, represented 4.5 months of supply. Any number below 6 months is considered a seller’s market and anything above a buyer’s market. 6 months is considered a balanced market.
Each dot on this charts represents one of the 8 closings that occurred in Olomana in 2020. On average, it took home owners 69 days to accept an offer and the average sales price was ~$961,000. In 2019 it took 83 days to close and the average price was slightly higher at ~$974,000
In this chart, we see buying patterns. Each dot represents the same 8 sales that occurred in 2020 and the month in which they closed. If we assume a 45-60 escrow period to close a property, these homes went into escrow in May-August. This is a typical “summer selling” season pattern and suggests that these would be the best months to sell property in Olomana.
This chart shows all 23 sales that have occurred in the past two years. At the bottom, are the two current listings that are both in escrow. We can also see that 9 homes sold for less than they listed it for (red numbers), 6 sold at asking price ($0) and 5 sold above asking.
Since this is your first time selling your property, we included the above flow chart to show the general process that you can expect. We are very fortunate to be part of a team of professionals that will work with you to help make your selling process as smooth as possible. Everyone from surveyors, transaction managers to escrow officers, all play key roles in a successful sale.
Mahalo,
Jake