Hawai`i Kai is the southeastern-most neighborhood on O’ahu and includes a significant mixture of townhouses within the condominium category. And, this is the most expensive condominium area of the island. For research purposes, this neighborhood is defined by the Honolulu Board of REALTORS® as Tax Map Key , Zone 3, Section 9.

Sales in this bedroom community were off somewhat last year, but they were less than the islandwide decline. In 2007, sales of 245 condominium units were reported while in 2006 there were 258 sales, a single-digit drop of 5.0%, and compares to the overall O’ahu condo decrease of 13.8%. Last month, however, there was an astounding 110% increase in sales from a year ago, 10 units to 21, compared to a 22.5% drop for the island as a whole.

Prices have declined from 2006 levels, but not by a large amount. The median sales price was $545,000 last year, a decrease of 4.0% from the price in 2006. January’s median price was $540,000, an increase of 1.2% from the same time period in 2007. Last year, the highest sales price paid for a condo in Hawai`i Kai was $1,400,000.

The Days on Market indicator showed properties changing hands with a median market time of 50 days last year, a three-day speed increase from 2006.

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

This entry was posted on Tuesday, February 19th, 2008 at 8:08 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.