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Koko Head Terrace Neighborhood Real Estate Update

Koko Head Terrace is a neighborhood of single family homes in Hawaii Kai, on the east end of O’ahu. These homes were mainly constructed in the mid ’60s to early ’70s as single story structures with single wall construction methods. A large percentage of these homes have been popped up to two-stories, to accommodate growing families. Homes are so expensive in Hawaii that it is very common to see multiple generations of families living under one roof (grandparents, grandkids, uncles, etc). It is way cheaper for families to build an addition than it is to buy a new property for their children.

Koko Head Terrace’s boundaries are defined by Kohelepelepe (Koko Crater) to the East, Hawaii Kai Drive to the North, Lunalilo Home Road to the West, and Kalanianaole Hwy to the South.

The neighborhood is home to Kaiser High school, Lunalilo Home, and 688 single family households. The Kaiser High School district is highly sought after by families. Lunalilo Home rests on just over 3 acres of land and currently can serve 42 residents as a care home. Lunalilo Home was established in 1874 by the 6th reigning monarch of the Kingdom of Hawai’i, William Charles Lunalilo.

In 2018, your odds of selling were 84% and homes sold at a rate of 1.8/month in Koko Head Terrace.  Months of supply in 2018, was 1.7 months.  In 2019, the odds of selling have decreased to 68%, and the homes are selling slightly slower at 1.7/month.  Months of supply have more than doubled in 2019.

In 2019, it took an average of 69 days to sell a property in Koko Head Terrace.

We can see in the “Buying Patterns” chart, that in 2018, properties primarily closed in the months of April/May and Sept-Nov.  If we assume a 45 to 60-day closing, these properties went into escrow during the spring and summer selling seasons.

In “The Real Estate Pond” chart, we can see that in the past 90 days, 9 new properties have entered the pond (come on the market), from the left. And 8 properties have sold during this time period and exited the pond to the right. Currently, there are 3 properties in the pond that are under contract and 3 that are active.

If we look at the past 2 years of sales, we can see an average price of $632/SF, with prices ranging from the mid $600,000s, up to just over $1M. The homes in the $600,000 price range are typically the original ~50-year-old structure that are major fixer-uppers or borderline tearer downers. On the other end of the spectrum, a $1M priced home will get you a large 3-5+ bedroom, renovated home with ~2000 SF under roof.

If you would like a detailed analysis of your neighborhood, please reach out and contact us.

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