The latest data from Hawaii Information Service (MLS) for the North Kona residential market is making history! As of 1-31-2021 there are only 67 homes on the market price below $4.0M. Inventory is at the lowest level for this date since the stats were first reported. Pending sales are strong and probably would be higher if it weren’t for the lack of inventory. Median price for the last 12 months sales continues to climb and now stands at $769,800. This is up 18%! The current data trend shows several similarities to the peak demand years of 2003 and 2004. Eventually price rose to peak price in 2006-7 and the cycle ended. Lets see how this data pattern plays out the next 1-2 years.
The price range data shows prices ranges up to $1.5M are in the PEAK demand category. There are only 20 homes now listed below $900,000.
The Hawaii Island Residential Pending had rebounded sharply since April. It was early April that the U. S. Covid 19 case numbers began to No doubt that the excellent virus control established in Hawaii is a strong demand point.
There are very low levels of distressed properties on the market. The latest update for December 31st 2020 shows all market areas with declining numbers. Eventually the declines should level out as the distressed property number reach a stable healthy market point.
The Condo stats are showing a turnaround. Pending sales are up as is the Pending Ratio. The data supports the winter buying season is gaining momemtum and should continue an uptick for months to come.
The Land stats are following the trend of the improved residential market with sharp decline in inventory and conversely Pending Sales improved at a greater rate. Prices are gradually moving higher.
The pending ratio trend for North Kona Residential, Condo, Land and Hawaii Island. This table shows remarkable improvement from last year for all categories.
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).