November 2021 Condo Market Update - Kakaako & Ala Moana
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Condo market continues to heat up through the end of 2021 in Kakaako & Ala Moana with record breaking sales, days on market and average purchase price figures.
- Closed Sales 164% Increase
- 97.6% average asking price (31%+)
- Total inventory is down 38% YoY
With historic low interest rates, the market inventory has been decimated. Sellers are fetching over asking offers and very low days on market. This is an excellent market to list in and exclusive Condo Kakaako listings have went to contract just 48 hours after listing.
Buyers concerned about inventory stability should in new tower developments which tend to have higher unit listings right after move in, namely The Central Ala Moana, A’ali’i and Azure Ala Moana. These three new towers have just completed construction and unit owners have already moved in. It's common to see a large amount of listings hit the market right after new buildings are finished due to pre-construction owners seeking to sell for a return on their investment. Listings at The Central Ala Moana have already sold for $100,000 over original purchase price pre-constriction sales two years ago which is excellent appreciation.
Ulana Ward Village is the newest development which will comprise entirely of almost 700 units all HCDA which means buyers need to qualify for the under market rate units to purchase.
For more info on buying or selling in Kakaako & Ala Moana, contact us to set up a free consultation.