The latest data from Hawaii Information Service for North Kona residential market is making history. Only 78 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 is $750,000. This is up an unsustainable 17%. The current data trend shows several similarities to the peak demand years of 2003 and 2004. Eventually price rose to peak price in 2006-2007 and the cycle ended.
The Hawaii Island Residential Pending Ratio had rebounded sharply since April and continues to climb thanks to upswing in the East Hawaii Island ratio. West Hawaii ratio is showing a slight decline this past month.
There are very few distressed properties on the market. There is one new foreclosed listing in Halii Kai offered at $769,600. There are 9 other non foreclosed listings available in Halii Kai for sale.
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The Condo stats are showing the effects of lack of tourist traffic. Year/Year Sales are off ( -19%). The good news is the situation is improving. There is plenty of inventory to greet the winter buyers. Prices are moving higher again at +5% over last year’s price.
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 stable in this report after steep increase the previous month.
The North Kona district Residential Price chart since 1972 is updated with the new 2019 data. This is based on a data pool of similar homes many of which are either new sales or resales over the years. The total number of sales that make up the data pool is over 7,644 in the 23 subdivisions in the study. The result shows the 2019 average price was (plus six percent +6%) or $650,900.
For more information on the Hawaii island market and properties please contact me today at 808-345-2108. Visit www.SearchHawaiiProperty.com.
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).