Let’s look at how Mariners Cove property prices have fared over the last six months. For those not lucky enough to live in this community, there are just over 400 single family homes with about 10% directly on the marina.
Mariners Cove Market Update
While the real estate market in many Oahu neighborhoods has seen inventory increases and prices flattening, that is not what the Cove is experiencing. There have been 4 properties sold over the past six months at an average price of $1,319,750. The prior six months (May-October 2018) saw 3 properties sold at an average price of $1,284,000, a 5% jump in prices.
It is hard to read too much into these statistics as we have a very limited number of sales. Many characteristics of properties impact the price at which a property will sell. Marina front automatically increases a property’s worth but remodeling and condition can be nearly as valuable.
Homes on Market in Mariners Cove
There are currently two homes being actively marketed in the Cove including one on the marina. The marina property has been on market for more than a year. The Niumalu Loop off marina property has been listed for 40 days.
One of the key observations in the current Cove market is that the average “days on market” has dramatically increased from 11 to 83 before a property has an accepted offer. It all comes back to pricing. A property priced at market price in today’s market should sell within 45 days. Determining market price is the challenge.
Want to Know More About Mariners Cove?
Our market has become a little more complicated. I am always available to answer your questions. Give me a call at (808) 358-8828. There is never any obligation!
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