Condominiums in Makaha-Nanakuli
June 17th, 2008 by Harvey ShapiroThe Makaha-Nanakuli neighborhood is on the western-most side of O’ahu and has the distinction of being the most reasonably priced area on the island. In fact, this is the only neighborhood where the median price of a condominium is still less than $200,000. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, all of Zone 8.
Condo sales in this area dropped almost in half, from 2006 to 2007, and 2008 has brought an even further reduction. In 2007, there were 118 sales reported through the Multiple Listing Service computer, a 44.9% decline from the 214 condominium units sold during 2006. In the first five months of this year, only 32 sales have taken place, compared to 67 in the same time period last year.
The median price paid for a condominium in Makaha-Nanakuli has been dropping. In 2007, the median price paid was $176,500 and this was a decrease of $3,500 from the 2006 price. This year, for January to May period, the median price has declined further,to $166,300.
The speed of sales, as measured by the Days on Market (DOM) indicator which is defined as the number of days a listing is on the market before an agreement for purchase is signed, was 51 days in 2007. This was about a week slower than for O`ahu overall, and was two days slower than in 2006. For the first five months of this year, the DOM for this area has been 58 days.
Not surprisingly, the inventory in this area, as in the rest of the island, has been rising. In May, there were 158 condominiums being actively marketed for sale, while a year earlier, there were 120. The median list of price of this inventory is $179,000, which is down 11.6% from last year’s asking price of $202,500.
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.
