My blog today reviews single family home sales in the western-most neighborhood of O’ahu, Makaha-Nanakuli , which is the most affordable of any area on the island. For research purposes, this neighborhood is defined by the Honolulu Board of REALTORS® as Tax Map Key , Zone 8, in its entirety.

This area experienced a significant decrease in single family home sales during 2007, but had one of the highest appreciation rates on the island. Sales were off 20.8%, decreasing to 213 residences in 2007. This January, however, there was a substantial bump, from 17 sales last year, to 22, a 29.4% increase, when overall single family dwelling sales on O`ahu slipped by 13.3%.

The median sales price for the Makaha-Nanakuli neighborhood’s single family homes was $380,000 in 2007, a 6.5% advance compared against the 2006 median price of $356,700. This price accelerated to $428,000 in January, a 29.7% increase from the same time a year earlier, in a period when the median price for the entire island was unchanged. The highest price paid for a single family home property in this area during 2007 was $1,500,000.

Sales speeds, measured by the Days on Market indicator, showed a slowdown last year, rising to 57 days from the 48 days required to sell a property in 2006.

For further information about how your specific neighborhood fared, check out the Honolulu Board of REALTORS® website www.HiCentral.com or contact any REALTOR® in your area.

This entry was posted on Thursday, February 14th, 2008 at 11:15 am and is filed under Island Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.