Condominiums in Moanalua-Salt Lake
May 16th, 2008 by Harvey ShapiroThere is a high concentration of condominiums in the Moanalua-Salt Lake neighborhood. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 1, Section 1.
Sales of condominiums dropped back during 2007, about the same as for all of O`ahu. There were 247 condo units that changed hands, compared to 288 in the 2006 year. This represents a decline of 14.2% for this area while the islandwide figure was 13.8%. In the first four months of this year, there were 70 dwellings sold, a drop from the 90 that sold a year earlier. Again, this was near the overall island figure of a 24.7% decline, while sales in this neighborhood dropped 22.2%.
Median prices were stable through last year, but are starting to taper off. In 2007 the median price paid for a condo in this neighborhood was $305,000 and this was a 6.6% increase from the year earlier figure of $286,000. In the first four months of this year, the median price paid declined somewhat to $285,000, or 10.0% lower than in the same time period in 2007.
Inventory counts have ramped up since last year. In April, there were 59 units on the market waiting to be sold, a 34.1% increase from the same time in 2007. Asking prices, however, have not budged. The median asked price for the April 2008 inventory was $302,000 while last year it was $301,500.
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.
May 18th, 2008 at 5:56 am
“asking prices have not budged”….
With 34.1% more inventory from last year, it’s only a matter of time before they have price drops and start chasing. If their realtors want to do them any favors, they should not kid their clients and pretend they can get what last year prices were. The market needs to naturally correct. To some degree, this is happening on the mainland and needs to happen here. Analyst and economist have warned sellers and realtors that any false “shoring” of the market will only prolong the inevideble natural decline. Imagine, the people who are selling their Moanalua condo must be selling for a reason. I suspect it’s AMRS and inflation. Sitting on the market for the next year chasing will only result in bad relationships between realtor and client.