Several new markets recover since last report two weeks ago!
The latest data from Hawaii Information Service indicates the Residential market quite strong. Inventory is far less than a year ago. The best news is the Pending Ratio has reached a new recovery high of 75. Median Price has resumed an increasing trend and has reached a new recovery high, ($630,000), for home price under $4.0M. The shrinking lower priced inventory and increased demand in the higher price ranges continues to move Average and Median Price higher.
The price range data at the top of page 2 shows has a recovery first. The Pending Ratio suggest that the Kona Residential market for homes priced up to $700,000 is a hot market with more than a buyer for every active listing. The $900,000 to $ 1.5M price range is at recovery high Pending Ratio of Peak market level at 104. The number of 12 month sales in the over $4.0M price range is holding at the recovery high of 32.
The Hawaii Island overall inventory for all Residential Price Ranges has dipped below 1000. Another recovery mile mark. In 2009 the Hawaii Island inventory was 1000 more homes than today.
Overall the distressed property inventory on the market continues a decline at a very slow pace. The Percentage of MLS listings that are either REO or Short Sales island wide is unchanged from last year now standing at 10% of all listings. In 2012 approximately 40% of the listing inventory was either REO or Short Sales.
Condo Pending Ratio has taken a nice upswing in the last two months thanks to declining inventory. As mentioned in last report this has moved prices higher. All this improvement in price and sales numbers has pushed the 12 month volume up +$26.0M from the previous twelve months volume. The Median Price is a new Recovery high….$300,000 (rnd).
Recent Land data shows a weaker market than Residential and Condo. The Pending Ratio and Average and Median Prices show a decline from a year ago. One recover high is seen in the number of Pending sales – 24. This should continue to drive sales numbers higher and eventually lift the Average and Media Prices.
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. The Pending Ratios are showing strong positive numbers over 2017. Hawaii Island Pending Ratio has reached Seller’s market designation. It is at new recovery high of 55 for the first time since the recovery began.
FOR A COMPLETE FULL PDF COLOR COPY OF THE GRIGGS REPORT SEND EMAIL TO RENEE@HAWAIIBEACHGOLF.COM.
The Griggs Report is published semi-monthly by Michael B. Griggs, PB, Mahalo Nui Michael for allowing me to share this with my clients and public!
Renee H. Kraft | Hawaii Beach and Golf Properties | 808-345-2108 Direct