Happy Thanksgiving from the Big Island of Hawai’i! During this season of gratitude may everyones plate be full and your hearts content!
The latest data from Hawaii Information Service for North Kona residential shows the from a year ago. Pending Sales are off by 17. Both these numbers contribute to lowering the Pending Ratio. Chart 1 does show the pending ratio drifting lower in this report. The Median Prices has now been stable at $630,000 for the past 4 months.
The price range data at the top of page 2 shows a decline in year over year sales down in all price ranges except the $700k to $900k range. High prices, higher interest rates and limited new home inventory are likely contributing factors. This is very much in line with what the national residential home sales trends show.
The Hawaii Island data shows increase in inventory and decline in Pending Sales. April 30th report showed 977 listings and 481 pending sales. This report shows 1108 active listings and 383 pending sales.
Overall the distressed property inventory on the market is showing a slight increase from a year ago. However in this report we see the percentage of REO or SHORT SALES from last month. Kona is the exception, but only increased by 1%. The REO count also shows some decline in the past month.
The Condo stats continue to be strong. With Condo median price half of that of Residential this is no surprise. The Pending Ratio is well into Seller market level and Average and Median prices are up +7% and 9% from the previous 12 months.
Land stats are mixed. The Pending Ratio is up substantial from a year ago due to lower inventory and stronger Pending Sales numbers.
On the Price front we see sales numbers are off from a year ago. Average and Median Prices are also down (-3%) & (-6%) respectively.
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. Residential Pending Ratios are off from a year ago while Condo and Land have improved. Most residential Pending Ratios are down with the exception of $900k to $1.5M, which is up +245%. Land is also up +50% from a year ago.
The Page 7 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.
Mahalo Nui to Michael Griggs for allowing me to share these informative report with the public. For a color pdf copy of this report please email email@example.com.
Until next time…A Hui Hou!