Waialae Kahala has three sets of townhome developments on Kilauea, Hunakai and Keanu Street. These three developments are made up of mostly two bedroom units and some three bedroom units. These units are very desirable for their close proximity to shopping, banks and a post office at Kahala Mall. The developments are called Waialae Gardens (182 units, 10 acres, 1-3 bdrms), Tropicana Village (68 units, 3.5 acres, 2-3 bdrms) and Tropic Gardens (216 units, 11 acres, 2-3 bdrms). They are located just mauka (mountain side) of the H-1 freeway. These properties are managed by Management Specialists (949-7611) & Hawaiiana (593-9100).
In 2016, 19 units came on the market (green), 1 was withdrawn (red) and 17 units were sold (purple). 90% absorption rate
In 2017, 15 units came on the market (green), 2 were withdrawn (red) and 16 units were sold (purple). 107% absorption rate (carry over listings from 2016)
In the past 12 months, 14 units came on the market (green), 1 was withdrawn (red) and 11 units were sold (purple). 79% absorption rate
In the past 6 months, 8 units came on the market (green), 0 were withdrawn (red) and 5 units were sold (purple). 63% absorption rate
Essentially, we see a consistent high absorption rate over the past several years. With units from Tropic Gardens, Waialae Gardens and Tropicana, coming on the market each year, in the high teens.
This chart shows us data for 3 years of closings. The majority of closings have occurred in January (8). If we assume of 45-60 day escrow period. These units went into escrow in November (best month to list?) . Other strong months were April, Oct-Dec. It’s actually a pretty even distribution and when you combine this with a high absorption rate, it makes selling good all year round.
Over the past 24 months, an average of 1.5 units have come on the market each month. Additionally, this same amount, on average, is also sold (1.5). With our current inventory of 5 units on the market, and these matching rates of ingress and egress to “the pond”, this gives us 3.3 months of inventory. Meaning if no new units came on the market, there would be nothing left in 3.3 months. 6 months of inventory is considered a “balanced market”. Given these numbers, a seller has a 30% chance of selling each month.
This graph shows you the distribution of sales over the past 3 years.
It has taken 49 days, on average, to receive an accepted offer at Tropic Gardens, Waialae Gardens & Tropicana, over the past 3 years.
