Happy May Day! The most notable bit of residential data is the increase in sales number, up from 432 in the previous 12 months to 483. Along with this increase in sales numbers we have a new high for Median Prices at $595,000. There is a hint of the passing of the busy winter selling season with slight increase in inventory and decline in pending sales over the past two weeks.
The pie charts clearly illustrate the shrinking lower price range sales numbers with the shift to higher price ranges. This report shows 15 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 30% last year.
The Hawaii Island Chart shows the strong upswing from the 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. The Island wide REO count for the four lenders followed has leveled off since the summer.
Condo data is showing the a large decline in inventory and significant increase in Pending Sales from a year ago. Chart 7 shows the recent shift in the Pending Ratio as the winter buying season winds down a bit. This was caused by increase in inventory and decline in Pending Sales since the last report two weeks ago.
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 North Kona Residential, Condo, Land, and Hawaii Island. The right half of the table shows the various price range ratios. In the last report the Pending Ratios were all showing positive year over year gains. In this report we see the opposite. This is really an indication of how robust our winter sales activity has been and now tapering off some.
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 Michael Griggs Realtor with Clark Realty Corporation Kailua-Kona Office for allowing me to share the data and report with my clients and the public.
For a complet pdf copy of this report send me an email to email@example.com.
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