Sales and prices for single-family homes in the Kailua-Waimanalo neighborhood have been declining recently. For research purposes, the Honolulu Board of REALTORS® defines this geographic area as Tax Map Key Zone 4, Sections 1 through 3 and part of Section 4.

The number of sales that have occurred in 2008, compared to 2007, has decreased somewhat faster than for the rest of the island. In the first half of the year, 119 properties changed hands while in 2007, for the same time period, there were 170 sales.  This 30.0% drop compares to the overall sales decrease for O`ahu of 25.7%.

Prices have likewise weakened. The median price paid for a single-family property in this area during the first six months in 2007 was $835,000, but the median has slipped 4.3% this year, to $799,000.

The availability of residences in Kailua has expanded significantly since last year. This June there were 175 single-family homes for sale, compared to just 133 last June.  This is an increase of 31.6% which is more than double the islandwide inventory expansion rate. The median list price for a home in this area has dropped 4.8% from last year’s $1,049,000 to an asked median of $999,000 this June.

For further information about Kailua and Waimanalo residences or how your specific neighborhood performed, check out the Honolulu Board of REALTORS® website www.HiCentral.com or contact a REALTOR® in your area.

The Makiki-Moili`ili neighborhood is primarily a resident-populated community which is home to many O`ahu residents.  It is geographically defined by the Honolulu Board of REALTORS® for research purposes as Tax Map Key Zone 2, Sections 4 through 9, excluding Section 6 (Waikiki).

The number of resales in this neighborhood declined in 2008 at about the same rate as the rest of the island.  In the first six months of this year, there were 259 condo sales compared to 367 for the same time period in 2007, a drop of 29.4%. In June there were 54 sales compared to 69 during June 2007, a decrease of 21.7%.

The median price in Makiki-Moili`ili has been quite stable, holding at $320,000 for the January to June period both this year and last. In June, however, the median price fell to $301,000, a drop of 8.2% since last June’s $328,000 price.

The inventory of condominiums available for sale stood a 257 units in June. This was a 3.6% increase from the prior month and a 9.8% expansion since one year ago. The median asked price of the inventory is now $343,000 which is an increase from May’s list price of $341,500, a positive change of 0.4%.

This inventory still includes 21.4% of the listings in leasehold ownership, but this is down from 32.5% last year at the same time. The median list price of a fee simple unit is $347,000, while the leasehold list price is $319,900.

If you’d like further information about activity in your specific neighborhood, check out the information available on the Honolulu Board of REALTORS® website HiCentral.com or contact any REALTOR® in your area.

The second quarter 2008 issue of Oahu Housing Trends has just been released by the Honolulu Board of REALTORS® and is available online at the Board’s website HiCentral.com. It is in the members-only section, so you’ll need member access to logon.

Rather than re-post the quarterly information in this blog, you’re encouraged to  contact any O`ahu REALTOR® who will be happy to get a copy for you to review.

On the southern shore of O’ahu, just west of Pearl Harbor, is located the Ewa Plain neighborhood which, by far, is the largest single-family residential sales area on the island. It is geographically defined by the Honolulu Board of REALTORS® for research purposes as Tax Map Key Zone 9, Section 1.

The number of sales declined for single-family homes in the first half of this year, although at a lesser rate than for the rest of O`ahu. In the January to June period, there were 241 reported single-family homes sales which compare to 2007’s sales of 309 dwellings, for a decline of 22.0%. The overall decrease on O`ahu in this time period was 25.7%.

The median price paid during the first half of 2008 for Ewa Plain single-family properties was $474,800. This represents an 8.5% pull-back from the price during the same time period in 2007, which stood at $519,000. In June, the median price was $443,500.

Inventory increased in this neighborhood at only half the rate for all single-family homes on the island., at 7.9% versus 15.2%. As of June, the count of available homes was 382 compared to 354 at the same time last year. List prices have shrunk by 3.3%, to a median asked price of $536,500.

If you’d like 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 any REALTOR® in your area.

We’ve come full circle with our O`ahu neighborhood analyses (did you miss any?) during the first half of 2008, so it’s time to go back and update the information and there’s no more fitting place than Waikiki. Waikiki is, of course, the most populous neighborhood on the island and has a wide variety of unit sizes and types. This neighborhood is geographically defined by the Honolulu Board of REALTORS® as Tax Map Key, Zone 2, Section 6.

The number of sales has declined in Waikiki at about the same rate as for the rest of the island. Volume was off 27.7% for the first six months of this year, while the O`ahu overall drop was 27.5%. So far in 2008, 429 units have changed hands here, compared to last year’s sales count of 593.

The median price paid for a condo in Waikiki has been very stable. In the first half of this year, the median price was $300,000, a manini $1,000 increase from last year’s $299,000. In June, however, the median price was $292,500 which was 1.8% below last June’s median price of $298,000.

The number of condominiums actively for sale was 675 in June at a median asked price of $349,000. Of these, 486 units, or 72.0%, were on the market in fee simple ownership and 189 were still leasehold. List prices were $389,000 and $249,000 for fee simple and leasehold, respectively. A year ago, there were 590 available units at a median asked price of $299,500, but fee simple availability has increased this year by 14.4% and the list price is 16.5% higher.

The leasehold market includes many risks and unknowns, so the use of a REALTOR® is imperative. The ratio between fee simple and leasehold last year was quite different than in 2008, with 383 available units, or 64.9%, in fee simple ownership and 207 were in leasehold. A year ago, the median asking prices were also different, with the fee simple asked price of $359,000 and leaseholds listing for a median of $275,000.

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.