The latest data from Hawaii Information Service indicates the Residential market quite strong. Inventory has rebounded from low of 142 to current 156 for homes price to $4.0M. Median Price is at a new recovery high, ($639,000), 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 that the over $900,000 price ranges are contributing the greatest increase in sales number.
The Hawaii Island overall inventory for all Residential Price Ranges has dipped below 1000. NOW AT 977 , UP FROM 957 TWO WEEKS AGO.
Overall the distressed property inventory on the market is show a slight increasing trend in this report. It will be interesting to follow this going forward to see if it one time phenomena or a change in trend. It had been is steady slow decline for some time.
Condo Pending Ratio is also showing a seasonal dip. It is very similar to the May decline in 2017. All this improvement in price and sales numbers has pushed the 12 month volume up +$27.0M from the previous twelve months volume. The Median Price is holding at Recovery high….$300,000.
Recent Land data shows a weaker market than Residential and Condo. The only year over year positive stat is the number sold in the last 12 months. This is up from 96 to 118. It is likely that the price declines are contributing to stronger sales numbers.
The Pending Ratio Summary page 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. The Pending Ratios are showing strong positive numbers over 2017. Hawaii Island Pending Ratio is showing the seasonal dip also. Time will tell is any of this new decline can be attributed to the increased volcanic activity.
Kona Residential Price chart since 1972 has been updated with the new 2017 data. This maintains a data pool of similar homes many of which have resold over the years. The total number of sales that make up the data pool now stands at 7,370 in the 23 subdivisions in the study. The year/year price change for this Mid-level housing group for 2017 is $587,100, up from 2016’s $582,900. This represents a 1% price increase for 2017. This does coincide with the price change data for land, which is the basis for real estate values. Land values on average for 2017 are up +1% from 2016. I would appreciate any input from readers of the report.
The Kona vs. West Coast shows that as of March 2018 San Diego and N. Kona had almost identical year over year price appreciation between + 7.2 to 7.5%. This bodes well for the Kona market since San Diego is a leading indicator for what the future price trend will be in Kona.
As always Mahalo Nui to Realtor Michael Griggs…The Griggs Report is published semi-monthly by Michael B. Griggs, PB. Until next time A Hui Hou!