6 West Hawaii Real Estate | March 29, 2017 MLS Statistics Griggs report reveals market trends HUALALAI COLONY Offered at $899,000 To view a 3-D virtual tour, please visit: www.HualalaiColony15.com MLS# 604509 Brian McCourt, Principal Broker, RB-15339 McCourt Realty, Ltd. (808) 325-6497 Brian@McCourtRealty.com Real Property Solutions for Kona Buyers and Sellerssm CLASSIC YET CONTEMPORARY DESIGN, PRIVATE IDEAL FOR INDOOR/OUTDOOR LIVING & ENTERTAINING POOL & DECK WITH EXPANSIVE VISTAS ON A GRASSY, LANDSCAPED, LEVEL 1/2 ACRE INVITING ENTRY SEE THROUGH TO THE VIEW More sales occurring in higher price ranges Over the past year, the residential prices in North Kona have consistently shown a 5 percent increase over the previous year. “This amount of price growth seems to be ideal for sustaining sales numbers while at the same time maintaining a balanced inventory,” said Clark Realty Corporation Broker Michael B. Griggs. However, the pace has picked up in 2017 with increased sales and declining inventory. “Whether or not the price change trend will also increase remains to be seen,” said Griggs. The Price Range table shows a notable shift to sales in the higher price ranges as inventory and sales in the lower price levels continue to shrink. The recent Griggs Report shows only 20 homes in Kona priced under $500,000. The islandwide residential sales numbers and price data indicate the greatest price increase is in West Hawaii. The number sold has actually decreased slightly. Correspondingly, the East Hawaii market has the greatest increase in the number sold while the price increase is less than West Hawaii. The North Kona condo market is also doing very well compared to the previous year’s performance. Inventory is down 28 percent and sales numbers show a healthy increase. This is taking place despite the median price increase of 8 percent. “The fact that the condo prices are half of that of the residential price is probably a key factor,” said Griggs. “The fact that rents have gone up dramatically and visitor traffic is strong is contributing factor also.” “Historically, sales data shows that in market cycles in Kona the previous peak prices are surpassed by a substantial amount in the next cycle,” he explained. “The Residential and Condo Price Charts show current prices are below their previous peaks. This suggests it is likely the current price growth trends will continue.” North Kona Residential # Sold In Past 12 Months vs. Median Sale Price (thousands) North Kona Condominium # Sold In Past 12 Months vs. Median Sale Price (thousands) North Kona 3/15/07 3/15/08 3/15/09 3/15/10 3/15/11 3/15/12 3/15/13 3/15/14 3/15/15 3/15/16 3/15/17 Percentage
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