6 West Hawaii Real Estate | July 20, 2016 MLS Statistics Sales and inventory trends MLS Home prices, overall demand on the rise The median sales price and overall demand for houses in North Kona have risen since the first of the year, as reflected in the latest Griggs Report. At the beginning of the year, the median price for a home was $550,000 and it now stands at $579,000. Unfortunately, the lower price ranges under $500,000 have run very low on inventory. Therefore, the number of sales in this price range has declined, causing the median price to increase, according to Michael B. Griggs, Clark Realty broker. “On the reverse side of this we see increased activity in the high price ranges due to ample inventory and stable prices also contributing COLDWELL BANKER MARYL REALTY Kailua Kona • Queen Kaahumanu & Henry St. #203 Offi ce # (808) 331-8200 / Toll-Free # (800) 845-7559 View Current Listings listings at CBMaryl.com Offi ce License # RB-16961 SUNSET RIDGE Brand-new, 3 bed / 2 bath home under construction with stucco exterior, open floor plan, granite, tile & solar hot water. Leanna Flem, RS-61159 (808) 895-3157 $496,000 MLS #288720 HALI’I KAI CONDO 2 bedroom, 2 bath end unit with no one above. Walking distance to Anaeho’omalu Bay, restaurants and shopping. Kendall DiDonato, RS-74803 (808) 345-5212 $559,000 MLS #297191 PUU LANI RANCH 3 bedroom, 2 bath home with bonus office / den. Gated, private community. Great home for entertaining! Kendall DiDonato, RS-74803 (808) 345-5212 $832,000 MLS #297294 ALII DRIVE OCEANFRONT RARITY 2 bedroom, 2 bath oceanfront home. Lots of charm, personality and spectacular views. Buddy Norwood, RB-11909 (808) 896-0144 $1,125,000 MLS #279554 MILOLII BEACH Awesome ocean & coastal views from a 2 bed / 2 bath beach cottage with loads of potential! Dylan Nonaka RS-64242 (808) 937-8382 $199,000 MLS #290596 THE PINES 3 bedroom, 2 bath updated unit. Vaulted ceilings, laminate wood floors & central A/C. Immaculate! Karen Ostlie, RS-60256 (808) 937-1174 $445,000 MLS #296084 MILOLII BEACH Inviting 3 bed / 2 bath beach home with panoramic ocean views. Sold turnkey furnished. Kona Carla Womack, RS-61019 (808) 896-6768 $449,900 MLS #284651 COCOANUT DRIVE, OCEAN VIEW 3 bed / 3 bath home on over 3 acres of land in HOVE. Completely fenced and gated - very private. Kona Carla Womack, RS-61019 & Dylan Nonaka, RS-64242 937-8382/896-6768 $250,000 MLS #294497 BOKI ROAD, KONA PARADISE 3 bed / 1 bath home, open-beam ceilings. Large end lot with tropical yard. Perfect elevation & big, blue coastline views! Kona Carla Womack, RS-61019 (808) 896-6768 $439,000 MLS #294834 KONA VISTAS Rarely available 2 bedroom 2 bath in desirable Kona Vistas. Panoramic ocean views through floor to ceiling windows. Immaculate! Cheryl Cataraha-Cagampang, RS-75190 (808) 938-7703 $670,000 MLS #297033 PRICE REDUCED to median price increase. Generally, this indicates property values in general are increasing too, but this will vary with price range. One consequence of the median price increase and lack of more affordable homes is the number of sales remain unchanged from a year ago,” he said. With the North Kona condo market data, we see a slightly different picture. Since the first of the year, the median price has increased from $258,000 to $270,000 but the number sold has declined. Since market bottom in 2012, residential and condo median prices have gained almost exactly the same percent, approximately 58 percent. “The question as to why sales numbers are off compared to residential is probably the difference in buyer motivation,” said Griggs. “Most residential buyers are owner users, where as with condominium and land buyers you have a larger degree of investors. It appears that other investment opportunities are having more appeal currently than Kona condominiums and vacant land.” “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,” said Griggs. 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.) North 6/30/06 6/30/07 6/30/08 6/30/09 6/30/10 6/30/11 6/30/12 6/30/13 6/30/14 6/30/15 6/30/16 Percentage
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