The latest data from Hawaii Information Service for North Kona residential (Keauhou Resort to Upper Palisades above the airport) shows Pending Sales numbers a little lower than two weeks ago. This is to be expected this time of year after the busy winter season. The 30 day sales number remain at a very high level. This is a reflection of that busy winter market activity and continued good activity. Median prices have been showing slight declining trend since February, but in this report trend a little higher.
The current level of home sales should give quite a boost to the 12 month sales numbers going forward
The price range data at the top of page 2 shows the number of annualized sales are off in the under $500,000 range due to lack of inventory. One surprise is the increase in sales under $400K. Perhaps this is resulting from Banks clearing their books of distressed properties. The opposite is true in the over $900,000 price ranges. Here we see too much inventory for too few buyers. Sales are off approximately (-25%).
The Hawaii Island Residential Pending Ratio is flat after a nice seasonal upswing:
Overall the percentage of listings of REO or Short Sales on the market on average is down 3% from a year ago. Kamuela (Waimea) is showing the greatest improvement with less than 6% of listing being distressed properties. The REO/Foreclosed numbers in Chart 6 show 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 91 to the current 66. It had been 250 in 2010.
The Condo stats continue to be strong with a Pending Ratio in Sellers’ Market territory at 68. Median Prices had been showing +7%. year/year increase for some time. That has backed off to a more sustainable +3%.
Land stats do show continued improvement in Pending Sales. This is helping improve the 12 month sales numbers. Median Price are off by (-1%). Hopefully the strong Pending Sales numbers will continue.
Page 6 is the Pending Ratio Summary page. This page offers a quick glance of the Pending Ratio trend for N. Kona Res., Condo, Land and Hawaii Island. Page 6 Hawaii Island ratio is probably the best indicator of the residential market trend. In this report we see nice continued improvement for Hawaii Island recently but still off from a year ago.
The Page 7 Kona Residential Price chart since 1972 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 for 2018.
Mahalo Nui Michael Griggs Realtor for sharing your data analysis and allowing me to present it to clients and those interested in purchasing here on the beautiful island of Hawai’i. For a copy of this pdf please send me a request to renee@HawaiiBeachGolf.com.
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).