The Kona Residential stats show the Median Price upward trend now holding at $577,000. 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 to mid 20’s. It now stands at only 25 homes. Overall the residential market looks quite healthy as activity expands into the higher price levels.
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. West Hawaii shows an increase thanks to good August Pending Sales numbers.
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. Huge difference.
The Condo year over year data is showing a good increase in Pending sales, up 31% 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 8% increase from prices the previous 12 months. The condo data is showing an improving trend overall.
The 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 (-21%) and decline in price. The Median Price is only down (-!%).
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 updated with the new June San Diego price data from Case Shiller Home Price Index. The Kona year/year appreciate has taken a jump from 1.3% to 4%. The San Diego rate was in the +4% range a year ago and now stands at + 6.8% year over year appreciation
Mahalo Nui as always to Michael Griggs Realtor Broker with Clark Realty Corp. Kailua-Kona for these informative reports for the west coast of the Big Island of Hawaii. More so sharing these reports with his fellow colleagues so that I am able to pass along and share with you.
The more you know the better informed you will be when making your purchase(s).
Until Next time…(two weeks) for the next report! For a copy of the luxury market report click here. A Hui Hou!
Renee H. Kraft rs 51893 (808) 345-2108