The latest data from Hawaii Information Service (our MLS service provider) for the North Kona residential is exciting. North Kona district is a span of area from the Keauhou Resort area to above the Keaohole Airport out to Puu Lani Ranch. We see the Kona residential inventory has rebounded a bit form last reports recovery low. Inventory is 150 homes listed under $4.0M. At the same time we see that escrows have declined some.
The price range data of inventory under $700,000 price range continues to decline and now stands at 39 homes for sale under $700,000. There is a continuing lack of inventory in the $700K to $1M range as well. At the over $4.0M we see a big jump in escrows from 3 two weeks ago to the current 8. Average price is $ 8,465,000.
The Hawaii Island Residential Pending Ratio is now trending a little lower due to the increase in Inventory and decline in Pending Sales.
Overall the percentage of listings of REO or Short Sales on the market on average is down 4% from a year ago. Waimea and Hilo are showing the greatest improvement with 6% or fewer listing being distressed properties.
The REO 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 88 to the current 70. It had been 250 in 2010.
The Condo stats continue to be strong with a Pending Ratio in Sellers’ Market territory at 67. Median Prices is showing a very sustainable +3%. year/year increase.
Land stats show continued improvement in Pending Sales. This is helping improve the 12 month sales numbers. Median Price has turned positive after many months show decline. Now UP +4%. Hopefully the strong Pending Sales numbers will continue.
The Pending Ratio Summary page. This slide offers a quick glance of the Pending Ratio trend for North Kona Residential, Condo, Land and Hawaii Island. In this report we see a strong year over year improvement in just about all categories.
The 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.
The Kona vs. West Coast data is updated through May 2019. The Kona home price appreciation actual fell just below positive for the first time since the recovery began. This was due to the effects of the volcanic eruption last summer. San Diego isn’t far above Kona. It is showing only a 1% positive appreciation rate.
As always Mahalo Nui Michael Griggs Realtor Broker here in Kona for allowing me to share your valuable market stats with the public and to my client base. Until next time have a wonderful day week month and year! 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).