Kona Coast Market Report for the 1st half of April 2016:
-The #Kona #Residential stats show the #MedianPrice is on the upswing again reaching a new recovery high of $562,500. It is likely the lack of affordable inventory under $500.000 will continue to move the price higher. One must keep in mind that median price is shaped by the price of selling inventory. If inventory of lower priced homes continue to disappear more and more sales will be of higher priced properties and the median sale price will climb.It does not necessarily mean property #values are going up although they usually follow suit. In the lower price ranges where demand is quite strong and inventories low values have been going up. On the other hand in some of the higher price ranges inventory has increased and demand has not been that strong. Values are probably stable or even in decline. #Escrow activity continues to #improve and the #PendingRatio has followed the usual #seasonal improving pattern. In fact the #SalesVolume is #up a strong +18%. #MLS #HawaiiInformationService data suggests the sales volume of all homes in the past 12 months has increased by approximately $79.0M.
-The Page 2 #PieChart clearly illustrates the #shrinkage in sales numbers in the #under $500,000 price range. This is being replaced by an increase in sales in the #higherpriceranges, most notably in the $500,000 to $700,000 price range.
-The Percentage of MLS listings that are either REO or Short Sales island wide continues its gradual declining trend. The #Islandwide average now stands at 9%, the #lowest it has been since declining from the peak levels of 2011.
-The Island wide REO #foreclosure count for the four #lenders tracked has leveled off in the past 6 months has also is on a #downwardtrend over the past 12 months.
-The #Condo year over year data is follow a trend similar to what we currently see in #Residential data. Inventory is quite #high, up 44% from a year ago. #GreatshoppingconditionsforBuyers. We also see a modest seasonal increase in Pending Ratio since the first of the year. The Pending sales numbers are not dramatic but should continue to #improve as the busy winter market moves forward.
-The #Land market year over year stats have #moderated a bit and has fallen in step with what we see in the Res and Condo stats, #increasedinventory and more stable prices.
-The Page 7 #Kona #ResidentialPrice chart since 1972 has been updated with the new 2015 data. A trend line has been added. The #Average Residential #Pricechange for 2015 was +4.0%. This price increase is representative of homes in Kona priced #below $700,000.
-Pages 8 of the “Kona vs West Coast #Inventory and #SalePriceTrends,” are the most useful future #trendindicators. These Charts maybe very useful tools in #forecasting the future Price trends in #Kona. The San Diego sale price data and appreciation rate data seem to be a very reliable leading indicator for our #Kona price trend. It appears that the Kona price trend lags San Diego by about a year. San Diego year over year prices to showing an increasing trend in April last year.
As always a BIG THANK YOU to a wonderful colleague Michael Griggs Realtor Broker with the Clark Realty Corporation Kailua-Kona office for sharing these #bimonthlymarketreports. I really appreciate being able to share these with my clients and the community near and far.
Any questions call me 808-345-2108. For a full color copy of his report please email me at renee@SearchHawaiiProperty.com. Until later this month and the next Hawaii Island report…A Hui Hou!
Renee H. Kraft Realtor RS 51893 Hawaii Beach and Golf Properties 808-345-2108