The Kalihi-Palama neighborhood is a well-established living area near downtown Honolulu. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 1, Sections 2 through 9.

Condominium sales have fared quite well in this community as evidenced by their strong 2007 showing. During 2007, not only were median prices higher, but this was one of only two condo neighborhoods on O`ahu to see an increase in sales, the other being Ala Moana-Kaka`ako.  Last year’s sales totaled 145, compared to 129 in 2006, an increase of 12.4%. This year, sales have pulled back somewhat, declining to 22 in the first three  months of 2008, down from 30 sales in the same time period a year ago.

The median price paid for a condominium in Kalaihi-Palama was $330,000 in 2007, an increase of 3.8% over the 2006 median price of $318,000. The highest price for a condominium was $678,000.  Sales speed was 38 days last year, compared against the 2006 indicator of 24 days, a slowdown of two weeks.  This statistic has increased further this quarter, to 45 days.

In March, there were only 38 condo units being actively marketed for sale in Kalaihi-Palama. This was a decrease of 3 units from the 41 that were on the market last year at the same time. Asking prices have pulled back, declining to $327,000 from $380,000 last year, a 13.9% decrease. Note that his is one of just a few areas to have all fee simple condominiums available and no leasehold properties.

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

This entry was posted on Thursday, April 24th, 2008 at 11:35 am and is filed under Island Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.