Makakilo is a growing community mauka of Barbers Point and west of Pearl Harbor with many new choices for residential properties and shopping. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 9, Sections 2 and 3.

Sales of condominiums in the Makakilo neighborhood declined in 2007 from 2006 levels. During 2007, there were 135 condos reported sold versus 191 in the year earlier. This year, sales have really pulled back, with 51.4% fewer homes sold in the first five months of 2008, double the O`ahu total decline of 25.8%.

The median price paid for a condominium has dipped this year, after holding steady last year. The median price was $319,000 for all of 2007, a slight $1,000 reduction from 2006. This year, the year-to-date median price has dropped 6.3%, to $297,000, and this compares to an increase of 2.5% for the entire island. The most costly condo unit in Makakilo sold for $560,000 in 2007, while in the January through May period of this year, the highest price paid was $525,000.

The time that a condo unit is on the market, as measured by the Days on Market indicator, was two days less than for overall O`ahu, at 40 days versus 42. This year, sales have slowed somewhat, down to 51 days before a sales contract is signed.

The inventory of condominium units available for sale has grown at the same pace as the rest of the island. In May, there were 62 available units, a 21.6% increase from last May, when the count was 51 condos. Asking prices are down though, from $369,000 during May 2007, to $299,700 this May.

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, June 5th, 2008 at 5:41 pm 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.