Happy Aloha Friday! Its May in Hawaii Nei the weather is absolutely picture perfect and inviting enough for me to take a nice swim this afternoon at Magics maybe catch a few waves too! The latest data from Hawaii Information Service for North Kona residential shows a significant improvement since last report two weeks ago. Inventory declined by 20 and Pending Sales were up to 120 escrows from 105. Median prices have been fairly stable since last summer. The number of homes sold under $4.0M has also been stable since last summer. That should improve with the new Pending Sales activity. The Pending Sale count of 120 is the highest since 2013.
The price range data shows the 12 months total sales numbers for North Kona Residential are still down from the previous 12 month. The increase Pending Sales activity we see will boost the sales numbers going forward. In the price ranges up to $700K are now all at Peak Market levels with Pending Ratio over 100. At the opposite end of the price spectrum we see the over $4.0M market still weak at almost half the number of 12 month Sales as a year ago.
The Hawaii Island Residential Pending Ratio shows a continued increasing trend after declining since the start of the rift zone eruption. This is largely due to the seasonal improvement in Pending Sales and declines in inventory. West Hawaii is leading this improved trend.
Overall the percentage of listings of REO or Short Sales on the market on average is the same as a year ago. Kamuela is showing by far the greatest improvement with less than 4% of listing being distressed properties.
The REO numbers on an average decline in properties owned by Fannie Mae, Deutsche Bank, Wells Fargo and Bank of America. The numbers have fallen from last year’s 82 to the current 68. This number had been 250 in 2010.
The Condo stats continue to be strong although in this report with a Pending Ratio in Sellers’ Market territory at 69. Median Prices had been showing +7%. Year/year increase for some time. That has backed off to a more sustainable +5%.
Land stats do show some improvement with reduced inventory and increased Pending Sales. This should help improve the sales numbers going forward. Sales are off (-28%) from a year ago and Median Price is still showing a (-3%).
For questions on Hawaii Island real estate please contact me at 808-345-2108. As always mahalo nui to Realtor Michael Griggs for sharing his informative realty reports with the real estate community here on Hawaii Island. Its a pleasure to work with such great colleagues in this industry. Our local economy has performed well in the first quarter. Well see how the next three quarters fair in 2019.
Renee H. Kraft Luxury Top performing Hawaii State Broker born and raised on the island of Oahu named one of Hawaii State’s very best Realtors. She brings exceptional service to her clientele. Licensed professional Realtor in Hawaii Real Estate since 1992. She has the experience and tenacity to market effectively, negotiate, and focus with attention to detail every step of the way. Educated 7th – 12th grades at the La Pietra Hawaii School for Girls and the University of Hawaii Manoa campus with a B.A. in Psychology. She strives to continually keep up on the Hawaii economic forecasts and daily market activity. Technology driven Renee understands the importance of keeping her clientele in the loop on current market availablility and knowing the market inventory is 100% key to get her clients what they want. Extraordinary exceptional homes, estates, condominiums, and vacant land are her specialty. Integrity and honesty are just a fraction of what Renee shares with her clients and a very strong work ethic. Putting the client’s needs first utilizing the range of experience and knowledge, combined with a a huge amount of Aloha gives her great satisfaction that she can help her clients make sound and profitable real estate investments. Member Rotary Club of Kona -Accredited Buyers Representative (ABR) -Sellers Representation Specialist (SRS) -Graduate Realtors Instutute (GRI) -Resort and Second Home Property Specialist RSPS).