Sales between South Kona and North Kohala and EVERYTHING between Are Making History
Median price for the last 12 months sales at new high. North Kona now stands at $795,000. This is up an very unsustainable 18%. The benchmark on luxury property has increased The current data trend shows several similarities to the peak demand years of 2003 and 2004. Eventually price increased to an unaffordable peak price in 2006-2007 and the cycle ended.
Will history repeat itself? It will be very interesting to see if that same pattern plays out in the next few years?
Real Estate across the entire island chain is experiencing an increase in property values by 10% to 20% since the same time last year!
Strong Sellers Market-Big Island
- Properties are selling quickly!!!
- Prices ranges up to $4.0M are in the PEAK demand category. The over $4.0M is coming close to Peak. There are only 22 homes now listed below $900,000 in North Kona.
- Value of listed and sold homes continue to increase
- The Hawaii Island Residential Pending Ratio has rebounded sharply since April. It was early April that the U.S. Covid 19 case numbers began to surge. A win win for Hawai’i that the excellent virus control established in the islands is a strong attraction to buyers.
- Days on the Market average 12 days before going under contract
- Inventory is very low or doesn’t exist!
- Buyer demand in Sales and Rentals are in HIGH DEMAND
- Oceanfront and Luxury Properties Values are UP!
CONDO INVENTORY DECREASING
The Condo market is now showing the same supply vs. demand dynamics as Residential. Pending sales have declined from last reports 145 to current 115. The Pending Ratio is up 295% from last year’s number. Number SOLD and Median price continues to inch higher up a +10% and 11% respectively. Days on market averaging 5-25 days depending on location, condition, and price.
LAND PURCHASES WAY UP!
The Land stats are following the trend of the improved residential market and condos with sharp decline in inventory and conversely an increase in Pending Sales. Prices are now showing a strong upward climb, now up 11% (same as condo).
Luxury real estate inventory along the coast is low.
See links for current inventory:
(CLICK HERE FOR PROPERTY OVER $5M)
The time to sell is now!
Inventory is LOW with HIGH Demand
Contact me today to share with you my marketing plan video customized to effectively market and meet your goals. 88-345-2108.
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).