6 West Hawaii Real Estate | May 25, 2016 MLS Statistics Sales and inventory trends Home, condo sales remain steady This latest charts from the Griggs Report show the North Kona residential price remained relatively flat in 2015. Median price has risen slightly in 2016. It is $553,500 in this current report, up 1 percent from a year ago. “The median price will likely trend higher simply because there is a steady decline in sales of lower priced homes due to lack of inventory,” said Clark Realty Corporation Broker Michael B. Griggs. “This is being more than offset by more sales in the higher price ranges,” he said. The number of sales in the higher price ranges should continue to expand, according to Griggs. The overall residential inventory is well above last year’s number, but is trending down in recent weeks. The number of home sales remains healthy in the 430-per-year range. Watching the activity in various price ranges is important. There are currently only 23 homes listed for sale under $500,000. The under $500,000 price category might be considered a hot market. Buyers outnumber sellers and the turnover is brisk. Moving into the over $700,000 price levels, there is a steady pattern of oversupply. “In this report, we the largest increase in sales in the over $1.5 million price range since the recovery began. However, there still is a large inventory compared to escrow numbers,” said Griggs. The North Kona condo market data shows trends similar those in the residential market. Inventory, although up considerably over 12 months, is now showing a declining trend recently. Condo escrow numbers show an increasing trend. The median price is up 10 percent from a year ago. Sales numbers have trended down since the median price reached $230,000, but sales numbers are still healthy in the over 340 range. “If you look at the historical prices in the residential and condo charts you see that 2006 prices are still well above current levels suggesting that price still has a great deal of upside if historical cyclical trends hold true as they have since the 1970s,” concluded Griggs. Vacant Land Loans Rates 5.25% as low as: APR* No points with up to 75% financing!** $QQXDO3HUFHQWDJH5DWH:LOOORDQXSWRRIWKHDSSUDLVHGYDOXHRUVDOHVSULFHZKLFKHYHULVOHVV7KUHHDQG¿YH\HDUWHUPV DYDLODEOH$¿QDOEDOORRQSD\PHQWLVGXHDWWKHHQGRIWKHWHUP0RQWKO\SD\PHQWLVFDOFXODWHGXVLQJD\HDUDPRUWLDWLRQ$OOORDQVDUH VXEMHFWWRFUHGLWDSSURYDO5DWHVDQGWHUPVZLOOEHGHWHUPLQHGEDVHGRQLQGLYLGXDOFUHGLWZRUWKLQHVV0DLPXPORDQDPRXQWIRUSURSHUWLHV ORFDWHGLQ/DYD+DDUG=RQHVDQGXSWR0XVWEH\HDUVRIDJHWRTXDOLI\IRUDORDQ0XVWEHDPHPEHUWRSDUWLFLSDWH )HGHUDOO\LQVXUHGE\1&8$ 808-930-7700 hicommfcu.com 5HY North Kona Residential # Sold in Past 12 Months vs. Median Sale Price (thous.) North Kona Condominium # Sold in Past 12 Months vs. Median Sale Price (thous.)
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