The Honolulu neighborhood is one of the oldest residential areas on O’ahu. For research purposes, this neighborhood is defined by the Honolulu Board of REALTORS® as Tax Map Key , Zone 1, Sections 8 and 9, and all of Zone 2.

Activity in Honolulu during 2007 almost matched that of 2006. There were a total of 237 single family homes sold last year which compares to the year earlier of 240, just 3 sales more. In January of this year, there were 11 properties changing hands.

Median prices in this area have been pretty solid. For 2007, the median price paid for a dwelling in the Honolulu neighborhood was $805,000, a decline of 2.4% from 2006 when the price was $825,000. The highest price paid for a home in 2007 was $2,600,000. Last month, the median price was over $1 million, at $1,100,000, and the highest price was $2,000,000.

The inventory of available homes in this area increased 12.4% in the past year, quite a bit more than the overall O’ahu increase of 7.4%. And, asking prices have decreased, going from $1,095,000 last year, to the current $975,000. The inventory count for Janaury was 109 homes.

Sales speed actually improved in 2007. Last year, single family homes sold with a median market time of 39 days, a week faster than in 2006, and substantially faster than the overall island statistic for 2007 of 47 days.

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

This entry was posted on Monday, February 25th, 2008 at 3:31 pm 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.