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Alas the latest data from Hawaii Information Service MLS system for the North Kona residential tells us that the market is still strong and active. We see the Kona residential inventory making the seasonal turn upward with an increase of 16 in the last 2 weeks. Pending sales have turned lower with this slow pre-winter time of year.
12 month home price sales up to $4.0M at a new high of 530. This is reminiscent of the numbers seen in 2002-2003 leading up to the last market peak.
The increase in inventory and reduced Pending Sales has caused the Pending Ratio to decline from 71 to 53 in two weeks.
The price range data shows 50% of the sales fall in the $400K to $700K price range. There are only 33 homes listed under $700K.
The Hawaii Island Residential Pending Ratio is exactly the same in both East and West Hawaii at 37. This is up slightly from this time last year.
The Condo stats continue to be strong with a Pending Ratio a Sellers’ Market territory at a new high of 81. Median Prices are showing +3%. year/year increase.
The active inventory condos below $1.5M stands at 98, down 17% from last year.
Median Price has turned positive after many months showing decline.
Like Residential and Condo the Land stats show a shrinking inventory. The continued strong sales numbers will certainly contribute to further decline in inventory and price pressure.
Median Price has turned positive after many months showing decline.
The Kona Residential Price chart below has been updated with the new 2018 data. This maintains a data pool of similar homes many of which were new sales or have resold over the years. The total number of sales that make up the data pool now stands at 7,644 in the 23 subdivisions in the study. The year/year price change for this Mid-level housing group for 2018 is $615,100, up from 2017’s $587,100.
This represents a 5% price increase from 2018.
As always mahalo to Realtor Broker Michael Griggs for allowing me to share his data reports in my social circles including my clients and the general public. For a copy of the report please email renee@hawaiibeachgolf.com.
Looking to Buy? Looking to Sell? Contact me today.
Renee H. Kraft Realtor Broker 23004 Hawai’i Beach and Golf Properties
Direct 808-345-2108 Until Next time…A Hui Hou!
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).
