Happy belated Easter to all near and far. Here is positive news to share on the local Hawai’i market watch. The residential data shows declining inventory and strong improvement in pending sales. The Pending Ratio is now in Sellers’ Market territory. The last time we saw this was in 2013 when the market, dominated by distressed bargain priced properties, was quite strong. Now the market has recovered and picking up momentum as it goes.
-for a full color copy of this report please send me a private message to renee@seartchhawaiiproperty or call me direct at 808-345-2108_
The pie charts clearly illustrate the shrinking lower price range sales numbers with the shift to higher price ranges. It is almost alarming to see only 10 homes listed at or below $500,000 The most noteworthy is the increase $500K to $700K price range which now represents 36% of all sales, up from 32% last year. We see 58 more sales in the $500,000 to $1.5M price range.
The Hawaii Island Chart shows the strong upswing from first of the year with some leveling off in East High. The West Hawaii Pending ratio continues an upward trend.
Overall the distressed property inventory on the market or owned by lenders is stable. The Percentage of MLS listings that are either REO or Short Sales island wide continues is the same as last year overall. The Waimea market area shows the greatest decline while Waikoloa and Hilo were up. In 2012 approximately 40% of the listing inventory was either REO or Short Sales. Today that number is down to a new low of 8% of all listing being either REO or Short Sale.
The Island wide REO (foreclosure) count for the four lenders followed has leveled off since the summer.
Condo data is showing the strongest Pending Ratio since the recovery began. This year it has been in a steep upward trend. Inventory is down (-33%) and Pending Sales up +60%. The best news is in the sales data with the number sold and price both being up 8%.
Recent data for Land is encouraging with pending sale up over last year. The Pending Ratio and Median Sale Price in Chart 9 show a very encouraging increasing trend.
Page 6 is the Pending Ratio Summary page. It offers a quick glance of the Pending Ratio trend for N. Kona Res., Condo, Land and Hawaii Island. The right half of the table shows the various price range ratios. In this report all categories are showing positive Pending Ratio gains over 2016. It is exciting to see such broad across the board improvement in the market strength.
The Page 7 Kona Residential Price chart since 1972 has been updated with the new 2016 data.
The Kona vs. West Coast data show both San Diego and Kona in January at about the same year over year price appreciation rate, up +5.%% approximately. Given the fact that San Diego is a leading indicator for what happens in the Kona market this suggests we will see continued appreciation in the +5% to +6% range for much of this year.
As always Mahalo nui to Realtor Broker Michael Griggs of Clark Realty Corporation Kailua-Kona office for allowing ME to share this market information with you!
If you are looking to sell your property call me at 808-345-2108. I specialize in the residential market in the neighborhood across Kailua-Kona and in the resort area’s along Kohala Coast. Its a beautiful day in Hawai’i Ne. ~aloha~
Renee H. Kraft rs-51893 (808)-345-2108 Direct