-Kona Residential stats show the Median Price upward trend now holding over $570,000. 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 20 homes. Overall the residential market looks quite healthy as activity expands into the higher price levels.
-Page 2 (inquire on your copy of the pdf report) 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 data we see a declining trend in East HI. This is at least partially due to seasonal factors. 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 11%. In 2012 the percentage was 40% or more.
-The Island wide REO count for the four lenders tracked is now show the greatest decline since the recovery began. The two largest market areas, Puna and North Kona show the greatest decline.
-The Condo year over year data is showing a good increase in Pending sales, up 21% 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.
-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 Average Price is down (-24%) and Median Price unchanged.
-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.
As always mahalo nui to Mike Griggs Realtor with the Hawaii Clark Realty Corporation Kailua-Kona office allowing me to share information from his bi-monthly reports.
Watch for the end of month market report in about two weeks. A Hui Hou!
Renee H. Kraft Realtor RS 51893