Single Family Homes in Makakilo
April 21st, 2008 by Harvey ShapiroThe Makakilo neighborhood is just north of where H-1 and H-2 merge and has sustained rapid growth in recent years. This neighborhood is geographically defined by Honolulu Board of REALTORS® as Tax Map Key Zone 9, Sections 2 and 3.
The sale of single family homes in this neighborhood has faltered, with a decline of 20.1% last year, almost double the islandwide loss of sales of 10.2%. In 2007, there were sales of 143 dwellings, which was down from 179 in 2006. In the first quarter of 2008, there was a further deline, where only 20 homes have changed hands, compared to 40 in the year earlier quarter.
Median prices, however, appear to have stabilized, In the first quarter of this year, the median price paid for a single family home in Makakilo was $567,500, just 0.2% or $1,000 ahead of the same quarter in 2007. Comparing full years, though, we see a loss in price of 3.8%, going down to $577,000, from the same quarter a year earlier of $600,000. The highest price paid for a home in this area during 2007 was $1,500,000 and, in the 2008 first quarter, was $1,125,000.
The sales speed slowed in 2007 by almost 2 weeks, increasing to a market time of 68 days from 56. This year, the median time a property sat on the market expanded to 89 days.
The inventory of available homes in March of this year shrank by 10.5%, compared to March of last year, which is counter to the overall O`ahu trend of a 12.0% increase in 2008. The median list price for this inventory has decreased only slightly, by 1.4%, to $647,000, and this is less than the decline of 3.3% for single family homes islandwide.
For further information about recent activity in your specific neighborhood, check the information available on the Honolulu Board of REALTORS® website www.HiCentral.com and/or contact a REALTOR® in your area.
