February 2009 Ko’olani Condominium Market Report Honolulu

February 6th, 2009 Michael Zimmerman Posted in Ko'olani, Market Reports | Comments Off

Summary
Ko’olani sales were sporadic throughout 2008, while the inventory available for sale began the year at 16 and finished much higher at 27. The chart below depicts the number of sales recorded each month vs. the number of apartments available for sale at the end of each month. In the last six months, Ko’olani averaged 1.5 sales per month and if that pace continues, it will take 18 months to sell the 27 homes available for sale as I write.

Ko'olani Listings vs. Sales

12 homes have been on the market over 100 days, indicating their price is not appropriate for today’s market. On the other hand, there are a few apartments with very attractive prices. Buyers looking to move into a new luxury condo should take a close look at Ko’olani. Specific sales statistics are below.

Ko’olani Condominium
Address: 1177 Queen Street, Honolulu, HI 96814
Built: 2006

Schools
Elementary School: Kaahumanu
Middle School: Central
High School: McKinley

Location
Conveniently located one block from the Ala Moana Shopping Center and just a few blocks from Ward Centers and the Nordstrom store located on Kapiolani Blvd.

Availability
Apartments in the building: 370
Apartments available for sale: 27
Average days on market to date: 109
Apartments listed for sale in the last 30 days: 5
Months of inventory available: 18.0

Sales
Apartments under contract in escrow: 2
Apartments sold in the last 90 days: 6
Average days on market: 120
Sales Price / List Price: 91%

Would you like to learn more about Ko’olani? If so, contact Michael Zimmerman, the condominium expert. Please visit my web site to view Ko’olani apartments for sale or conduct your own Honolulu home search.

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