Single-Family Homes in Moanalua-Kalihi
June 10th, 2008 by Harvey ShapiroThe Moanalua-Kalihi neighborhood is right in the heart of the Honolulu area and is quite densely populated. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 1, Sections 1 through 7.
Sales of homes in this area were stronger in 2007 than in the year earlier. During 2007, a total of 200 dwellings were reported changing hands, compared to 183 in 2006, for a 9.3% increase. There has been a substantial decline in 2008, with 40.2% fewer properties being sold in the first five months, compared to the same time period in 2007.
The median price paid for a single-family residential property in Moanalua-Kalihi was $616,000 during 2007, which was a slight $2,000 decline from the $618,000 paid in the year earlier. Prices have increased quite a bit this year, as the median price has advanced to $660,000 in the January to May period and this was a 1.5% increase from the same time in 2007. The highest price paid for a single-family home in 2007 was $2,700,000, while this year, the maximum price paid in the first five months has been $1,290,000.
The sales speed in this neighborhood, as measured by the Days on Market indicator, was 33 days, one of the fastest on O`ahu in 2007, and was almost three weeks faster thsn in 2006. This year, with the islandwide slowdown, the speed has slipped to 46 days.
The inventory of homes on the market for sale has outpaced the rest of the island. In May 2007, there were 103 available homes, a 37.3% increase from the same time one year ago. The median list price, however, is higher now than it was last year, at $739,000 compared to last year’s $699,900.
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.
