Waikiki Condos: What Buyers & Sellers Should Know

One-Bedroom Condo Statistics

On May 31, 2012 my research on fee simple Waikiki one-bedroom condos showed 121 active listings at an average asking price of $362K. Past 6 months sales totaled 134 units with average sales price of $320K – at $642/sq. ft. – 64 days on market. 

The average list price of the sold units was $330K, so buyers are negotiating about 3% off the list price. We currently have 5.4 months worth of inventory on the market. This means that if no new listings come on the market from this day forward, there would be nothing left to buy in 5.4 months provided sales continue at the same rate as they have for the past 6 months.

Liliuokalani Gardens

At the Diamond Head east end of Waikiki, Liliuokalani Gardens (pictured above) currently has 7 active fee simple 1-bedroom condo listings priced from $350K – $400K.

Two-Bedroom Condo Statistics

For Waikiki fee simple 2-bedroom condos, there were 85 active listings with an average asking price of $678K. Past 6 months sales totaled 99 units with an average sales price of $595K – at $599/sq. ft. – 72 days on market.

The average list price of the sold units was $629K, showing 5.4% off list price. Inventory is at 5.15 months, so in both these property criteria there are more condos being sold than there are coming on the market and that, of course, means prices are most likely heading up.

Lanikea At Waikiki

Lanikea At Waikiki (pictured above), located on the Ewa (west) end of Waikiki, currently has two fee simple 2-bedroom condos listed for sale at $649K and $699K, as well as 4 others that are priced higher.

NOTE: My research excludes the Trump Tower condominiums because there is a disproportionately large inventory of 56 active listings at a relatively high average list price of $1.7 million and only 12 sales during the past 6 months.

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