The #Kona Residential stats show the Median Price upward trend now holding at $575,000. It is likely the lack of affordable inventory under $500,000 and corresponding increase in sales in the higher price ranges will continue to move the price higher. The number of homes listed under $500,000 fluctuates in the low 20’s. It now stands at only 22 homes.
Overall the residential market looks quite healthy as activity expands into the higher price levels.
For a pdf copy of the #GriggsReport text call or email me. Page 2 Pie Chart 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 higher price ranges. In this report we see nice increases over last year in the over $900,000 price levels. This seems to be a very positive recent trend that likely marks a new phase in this real estate cycles recovery.
The island wide Pending Ratio Chart 4 shows a slight decline. This is largely to season travel patterns.
The Percentage of MLS listings that are either REO or Short Sales island wide continues its gradual declining trend. The Island wide average now stands at 10%. In 2012 the percentage was 40% or more.
The Island wide REO count for the four lenders tracked has been relatively level for the past 12 months. The year over year decline is a modest 4 properties.
The Hawaii Island Condo year over year data is showing a high level of inventory, up 26% from last year. Since the beginning of summer the inventory has declined and escrow numbers improved. Sales numbers seem to be holding up and Median Price is showing an 9% increase from prices the previous 12 months. The condo data is showing an improving trend overall. Pending Sales are up nicely from last years number.
The #Hawaii Land market year over year stats show increased inventory and a decline in Pending Sales. Like the condo market, there has been recent improvement in escrow activity and decline in inventory. The troubling stat in the Land market is the decline in sales, down (-32%).
The 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. This is quite representative of the actual increase in Value for homes in that price range. Many of the sales are resales of the same property and therefore better represent the change in Value.
Pages 8 of the “Kona vs West Coast Sale Price Trends,” is not attached in this report. There is no new data to add at this time.
Mahalo to Michael Griggs Realtor Broker with Clark Realty Corporation Kona Office for his continued Griggs market research and being able to share with the public.
For more information on Kona Coast properties and the current and future market forecast text, call or email me today. Happy Aloha Friday!
Renee H. Kraft Realtor RS 51893 Hawaii Beach and Golf Properties