6 West Hawaii Real Estate | July 22, 2015 MLS Statistics Sales and Inventory Trends MLS North Kona home prices holding steady This latest update from the Griggs Report shows the North Kona residential median sales price is remaining stable. The median price started the year at $545,000. Since mid-March it has remained at $550,000. Inventory has been showing an increasing trend since the beginning of the year. Clark Realty Corporation Broker Michael B. Griggs said it seems likely this increase in supply is keeping prices stable. “Demand has remained quite constant, which is seen in the residential sales numbers in the chart,” he said. The Kona Residential Price Range Table shows a sharp decline in sales of homes priced up to $500,000. This is because of a lack of supply not lack of demand, according to Griggs. “The market has adjusted and now the greatest increase in sales numbers is in the $500,000 to $700,000 price range,” said Griggs. “MLS data shows six Shores at Kohanaiki Resort residential properties in escrow. When these close this will boost sales numbers in the $1.5 million to $4 million price range. The North Kona condo market shows a 16 percent increase in inventory. The median price is still on the increase but the pace of increase has slowed considerably from a year ago. Median Price is up 5 percent from the previous 12 months. The median price has remained relatively flat since March, just as the price for single family homes has. “This is an opportune time for buyers,” said Griggs. “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.” REDUCED PRICE 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) Desirable Kealakekua, Kona Scenic Subdivision. 4 bedroom 3 bathroom view home so conveniently located close to schools, banks, shopping, hospital and only a minute away from the park. The beautiful spacious home has more than abundant storage, can accommodate an age in place family or extended family. Upstairs is fully usable area with wet bar and bathroom plus another great view plain. The great room has fl oor to ceiling window all the way around and a grand chandelier. Plus a family room. These are hardly found in Hawaii. Zen entrance invites you to see this one of a kind home. Easy to see. A MUST. $589,000. SHARLY WARD, RB ABR, ASPM, CRS, GRI • Accredited Staging Professional Master • 2012 WHT Best Real Estate Agent • 2009 Lifetime Achievement Award • e-mail: sharly@hawaiilife.com • 938-9533 North 7/15/06 7/15/07 7/15/08 7/15/09 7/15/10 7/15/11 7/15/12 7/15/13 7/15/14 7/15/15 Percentage
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