The Pearl City-Aiea area is a major population center and has a mix of many older homes as well as new dwellings. For research purposes, this neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key , Zone 9, Sections 6 through 9.

During 2007, this area had the most severe drop in sales on the island, but the median prices were unchanged. Last year, 207 single family homes changed hands, a 22.5% decline from the number of 2006 sales. In the first 2 months of 2008, there was a 50.0% drop in sales.

The median price paid in the Pearl City-Aiea area in 2007 was $615,000, exactly the same as in 2006. The highest price paid for a single family dwelling in 2007 was $1,400,000. This year, with even fewer sales, the median price has jumped to $700,000 for the first 2 months.

There is a shortage of listings in this area, with only 65 homes available in February. This compares to 57 at the same time last year, an increase this year of 14.0%. Asking prices have fallen somewhat, with the median list price at $659,000, down 2.4% from one year ago.

Sales in 2007 took only 29 days to consummate, the fastest for any research area on O`ahu, including in the condominium market. This compares very favorably to the 41 days required to sell a home in 2006, in a stronger market.

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 Thursday, March 6th, 2008 at 9:37 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.