A new year, a new record low mortgage rate,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices. However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”
- 30-year fixed-rate mortgage averaged 2.65 percent with an average 0.7 point for the week ending January 7, 2021, down from last week when it averaged 2.67 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.
- 15-year fixed-rate mortgage averaged 2.16 percent with an average 0.6 point, down slightly from last week when it averaged 2.17 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent with an average 0.3 point, up from last week when it averaged 2.71 percent. A year ago at this time, the 5-year ARM averaged 3.30 percent.
There were a TOTAL of 201 closed escrow in the RESIDENTIAL and CONDO categories for the month ending 12/31/2020 in South Kohala and North Kona districts here on the Big Island of Hawaii.
107 RESIDENTIAL CLOSINGS IN DECEMBER 2020
94 CONDOMINIUM OR VILLA CLOSINGS IN DECEMBER 2020
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Of the 107 residential sales 19 closed in less than 30 days on the market over $1,000,000. 40 closed at over $1,000,000. The range of those sales spanned from $1,030,000 to $37,000,000 with the highest and lowest sales paid in all cash. 16 of the 40 residential closings in December 2020 were done with conventional financing and just one closing noted as closing with both cash and financed.
Sought after resort area’s in those sales were Mauna Kea Resort, Mauna Lani Resort, Hualalai Resort and two private affluent communities the Shores at Kohanaiki and Kukio.
In the Kailua-Kona North Kona district Ali’i Drive oceanfront homes are seeing an uptick with two million dollar closings in December one on the market just 10 days closing at $4,275,000.
Bayview Estates, Iolani, Keauhou Estates, Kona Hills, Kona Bay Estates, Kona Vistas, Kahakai Estates all popular hot areas and subdivisions throughout the North Kona region.
The option is there but it seems for the over $1M properties majority of buyers are still paying all cash. There were 12 condo/villa sales over $1,000,000 ranging from at the Villages at Mauna Lani to a $5,500,000 sale at the Villas at Hualalai Resort phase III for $5,300,000.
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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).