The Ala Moana-Kakaako neighborhood has seen many new condominium projects in the last few years, as well as a revitalization of commercial properties. For research purposes, this neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key , Zone 2, Sections 3.

Sales in this neighborhood changed very little in the last 2 years, declining only by 7 units from 2006 to 2007. Last year, 2007, there were 342 sales compared to 349 in the prior year. In the first 2 month of this year, there were 59 sales, only a drop of a single sale from the year earlier.

Prices have gyrated wildly in this neighborhood. For the 2007 full year, the median price paid for a condominium was $530,000, a whopping 47.2% increase from the 2006 median of $360,000. Note that this data excludes new units, most of which are high-priced luxury units, so this increase is probably linked to the quick resale in these new buildings. The highest price paid in 2007 for a condo in this area was $4,500,000, which was $600,000 less than the $5,100,000 paid in 2006.

The Days on Market indicator showed properties changing hands with a median market time of 51 days last year, a one week speed decrease from the 2006 statistic of 44 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 Thursday, March 13th, 2008 at 9:30 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.