This blog post is intended to update you regarding a few statistics you may find interesting concerning The Villages at Mauna Lani.  In this update I will concentrate on a comparison of our community and Ka Milo focusing only on what I believe to be the best indicator of market strength in one community versus a comparable community-Days On Market (DOM) until sold.  Days On Market until sold gives you a good indicator of multiple factors including the buyer’s opinion of value relative to general condition of the community, the unit for sale’s condition including view, AOAO fee and finally their opinion of the common area including the pool and recreation center.

The longer a home is on the market, the less it is worth as buyer’s view extended DOM as an indication that something is negatively affecting the unit’s value that they may not be aware.  Therefore, pricing a home correctly when listed initially, based on an accurate assessment of the current market value is the quickest method to sell and close real estate.  Reducing the price frequently to meet the perceived market is also important when a contract is not forth coming in order to reduce the Days On Market.

I have purposely left out DOM data for any new units being marketed currently or sold in Ka Milo, so that The Villages units are properly compared to Ka MiIo’s re-sale homes.  The Days On Market for the sold and active listings of the new, developer units can be skewed upward to reflect the time under construction until closed/sold. I will illustrate Ka Milo’s new home stats where they may be interesting or pertinent.

Lastly, I researched and determined the total Days On Market by adding the period a unit has been listed, withdrawn and expired with multiple brokers.  The DOM “clock” is reset in our MLS data if the property is re-listed with another broker or if the property is withdrawn for 30 days or more and the Broker re-lists it, sometimes in order to re-set the DOM  “clock” on MLS.  FYI-most Buyer’s brokers research the property’s listing history on our MLS as they know their research will reveal accurately the true, total Days On Market (DOM) until sold.

Lissette and I are wishing you a great summer wherever you find yourselves on the mainland and beyond.  If we can ever be of service in real estate sales or otherwise please contact us!  For more frequent updates please subscribe to my Blog here or if you are a Facebook fan click here where my Blog updates are also posted.  Click here for the current active units on the market and the last years sales in The Villages and Ka Milo.

Aloha,

Rick Oliver R (Broker) RB 18823
Clark Realty Corporation
Over 30 Years of Real Estate experience!
Search MLS on our WEBSITE
Direct-808-960-7330
rickoliver@hawaii.rr.com

See the chart below and my observations for period 6/13/17-6/13/18:

• KaMilo sold the same number of units overall as The Villages sold in the last year-14-even though Ka Milo has the distinct advantage of having NEW inventory to sell in competition with Villages older re-sale homes.
• KaMilo’s re-sale homes sell faster than Villages units by an average of 331 less days or almost 1 year faster if all Villages units for sale are averaged.
• 6 of the 14 sold Villages units had an average of 922 Days On Market-greatly skewing the average DOM in The Villages upward.  If you remove these 6 units from the average the remaining 8 sold unit’s DOM is 173 days which is the same as the Ka Milo re-sales.  As an example of extended Days On Market until sold, Unit #409 was on the market 1251 days and unit #642 was on the market 1084 days.
• Lehua units without solar systems sold for an average of $885k and Lehua units with solar systems sold for $922k.  If you are a Lehua owner these are pretty good values for your appropriate units currently fyi.  Average DOM of Lehua units SOLD in the last year-73 days which is on average faster than Ka Milo re-sale units.
• Maile units without solar systems sold for an average of $1.150m and Maile units with solar systems sold for $1.105m indicating there is no apparent premium for a solar system on these sold units. The average Maile unit is currently priced at $1.25m.  The average price over the last 12 months of Maile’s SOLD units is $1.13m.  Pricing Maile units closer to $1.1m will expedite sales considering the average DOM of units for sale is 551 days. Average DOM of Maile units SOLD in the last year-521 days.
• Ka Milo’s for sale inventory is 8% of the total number of completed units.  Villages for sale units comprise 12% of total units.  10% of the total units in a community for sale is considered “normal”.  Villages current inventory levels are +/-what is experienced nationwide in a particular community-more or less equal to Ka Milo’s.
• Villages average sold DOM (173) is +/-the same as Ka Milo’s (170) resale’s sold DOM if you remove 6 of the Villages units where their DOM are excessive due to condition, price or both factors.

Written by Rick Oliver on June 20, 2018
Posted in: Real Estate | Tags: Hawaii Real Estate, Mauna Lani, The Villages at Mauna Lani