Happy Easter! The latest data from Hawaii Information Service indicates the Residential market quite active! Inventory is far less than a year ago. The best news is the Pending Ratio has reached a new recovery high of 74. Median Price has resumed an increasing trend. This represents a +8% increase from the previous 12 months sales. The strong demand should continue to push prices higher
The price range data at the top of page 2 shows a couple of recovery firsts. The Pending Ratio has moved from Sellers’ market to Peak in the $500,000 to $700,000 and $900,000 to $ 1.5M price ranges. The number of 12 month sales in the over $4.0M price range is at new recovery high of 32.
The Hawaii Island Chart shows the seasonal increase in pending ratio started early this year. West Hawaii (the dry side) has leveled off in the past month with a Pending Ratio of 50.
Overall the distressed property inventory on the market continues a decline at a very slow pace. The Percentage of MLS listings that are either REO or Short Sales island wide is unchanged from last year. It now stands at 10% of all listings.
Condo Pending Ratio has taken a nice upswing in the last month thanks to declining inventory and increased Pending Sales. As mentioned in last report this has moved prices higher. Condo prices have only moved up slightly from a year ago.
Recent Land data shows a weaker market than Residential and Condo. The Pending Ratio and Average and Median Prices show a decline from a year ago.
Page 6 is the Pending Ratio Summary page. It offers a quick glance of the Pending Ratio trend for N. Kona Res., Condo, Land and Hawaii Island. The right half of the table shows the various price range ratios. The Pending Ratios are showing strong positive numbers over 2017. Hawaii Island Pending Ratio has reached Seller’s market designation of 50 for the first time since the recovery began.
The Page 7 Kona Residential Price chart since 1972 has been updated with the new 2017 data. This maintains a data pool of similar homes many of which have resold over the years. The total number of sales that make up the data pool now stands at 7,370 in the 23 subdivisions in the study. The year/year price change for this Mid-level housing group for 2017 is $587,100, up from 2016’s $582,900. This represents a 1% price increase for 2017. This does coincide with the price change data for land, which is the basis for real estate values. Land values on average for 2017 are up +1% from 2016. As always Mahalo nut to Michael Griggs for allowing me to share these reports with clients across the globe! The Griggs Report is published semi-monthly by Michael B. Griggs, PB, GRI[wpvideo TwOcvSbU]
Wishing you a very HAPPY EASTER!
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).