The Honolulu Board of REALTORS® recently released their Local Market Update for December 2016. Looking through the report, I noticed the median condo price in Makaha – Nanakuli increased to $153,250. That was a 30% increase from the same time last year.
Almost three years ago, I had a 1-bed co-listing at Makaha Surfside. We were listed for $65,000 and we sold for $66,500; this was an all-cash deal. At the time, I would joke with my friends that I held the record for the cheapest, fee simple beach front sale on the island.
Pulling data from the MLS, eight, 1-bed units sold at Makaha Surfside in the past 180 days. The median price is $135,000, with a low of $94,000 and a high of $145,000.
In addition, there are eight, active 1-bed listings at Makaha Surfside. The median list price is $136,450, with a low of $103,500 and a high $150,000 (there are two active listings at this price).
Scrolling through historical data, the 2014 median condo price in Makaha – Nanakuli was $109,500. In 2013, the median condo price was $135,000 in the same region.
Three years ago, I didn't think much about real estate on the Waianae Coast. Now, I wonder what's driving prices in this area.
With prices increasing in metro Honolulu, are prospective home buyers looking Leeward for something more affordable? If one purchases at the right time, historical data shows that condos in their area do appreciate over time.
-RO