Note: A new section at the end of the report is devoted to the World and U.S. trend in covid-19 total and NEW case numbers. There are also web links to the World Health Organization daily reports and the daily numbers from CDC. Hawaii ranks fifth lowest in number of covid cases.
The latest data from Hawaii Information Service for North Kona residential market shows Pending sales are down from last year and have decreased in the last four weeks from 94 to 67. The data is starting to show slowdown from the covid 19 restriction. Twelve month sales are still up nicely as are Average and Median Sale Prices. Median Price for homes sold in the past 12 months, priced up to $4.0M now stands at $671,000.
The price range data shows the $900K to $1.5M price range has the largest increase in sales year/year. There has been an increase of 31 homes sales in that price range. The total number of home sale is up 14% from the previous 12 months.
The percentage of listings of REO or Short Sales on the market has resumed its declining trend.
The REO numbers in Chart 6 show the number of properties owned by Fannie Mae, Deutsche Bank, Wells Fargo and Bank of America.The trend here is continuing of the declining trend. It is now only 58 down from 250 in 2010.
The Condo stats show the Pending sales slipped from 85 to 57 in the past month. Listing inventory has increased slightly. Median Price is showing +5%. year/year increase.
Land stats are beginning to some effects of the Covid restriction. The Active count is unchanged, but the pending sales are now off from last year (down 31%). Median Price is up 11% from the 2018-2019 twelve month period.
Page six offers a quick glance of the Pending Ratio trend for North Kona Residential, Condo, Vacant land and and Hawaii Island. All categories are now showing decline from same date last year, with the exception of the $900K to $ 1.5M range (up 24%).
The Kona 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.
Mahalo Nui as always to Realtor Broker Michael Griggs here on the Big Island for allowing industry colleagues to share information from his twice monthly market reports. For a pdf copy of the current report email me at renee@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).