Aloha from the shores of the Big Island of Hawaii! The next Hawaii Island report will be available at the beginning of May 2016.
The #KonaResidential stats for the 1st half of April 2016 show the #MedianPrice is on the upswing again hovering at $ 560,000. It is likely the lack of affordable inventory under $500.000 and corresponding fewer sales will continue to move the price higher. There are only 25 homes listed under $500,000 ALA KAPUA is available at only $469,000.
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 possibly even in decline. Escrow activity continues to improve and the #PendingRatio has followed the usual seasonal improving pattern since January.
-The Page 2 Pie Chart In this months report we see nice increases over last year in the $1.5M and above price levels.
-The Percentage of #HawaiiIsland MLS listings that are either REO (foreclosure) or Short Sales island wide continues its gradual declining trend. The Island wide average now stands at 9%, the lowest it has been since declining from the peak levels of 2011.
-The Island wide REO count for the four lenders tracked has leveled off in the past 6 months has also is on a downward trend 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. Great shopping conditions for Buyers. 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 #VacantLand market year over year stats have moderated a bit and has fallen in step with what we see in the Residential and Condo stats, increased inventory and more stable prices.
-Page 7 #Kona Residential Price chart since 1972 has been updated with the new 2015 data. A trend line has been added. The Average Residential Price change 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 Sale Price Trends,” are the most useful future trend indicators. 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 my aloha and mahalo nui to Micheal Griggs Realtor with Clark Realty Corporation Kona office for allowing myself and fellow real estate colleagues track and share these reports with our community.
Buyer and Seller representation. Call 808-345-2108.
Until Next time…A Hui Hou Renee