6 West Hawaii Real Estate | August 17, 2016 MLS Statistics Kona home and condo sales Data reflects ideal residential market This latest Griggs Report shows the North Kona residential market in a “very ideal and active state,” according to Clark Realty Corporation Broker Michael B. Griggs. Despite a modest increase in inventory since 2015, the price continues to increase. Price has risen steadily since 2012, as shown in Chart 1. For the buyers, we see an every changing ample supply of inventory. For sellers, we see brisk turnover of properly priced homes and a steady increase in prices. Islandwide residential average prices have increased 15 percent. This is driven by a 27 percent increase in West Hawaii data. “You must keep in mind that the increase in sales of the multi-million dollars can have a dramatic effect on the average price,” said Griggs. “You see in the Price Range Table that there were 26 homes sold in West Hawaii that were priced over $4 million. That is what caused big increase in the West Hawaii average price.” With the North Kona condo market data, we see a slightly different picture. Inventory is up significantly since last year and sales are down 9 percent. Median price is up a healthy 10 percent. “Perhaps this has some effect on the decrease in sales numbers,” said Griggs. “Condo market appears to be a buyer’s market.” “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. 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 (thousands) North Kona Condominium # Sold In Past 12 Months vs. Median Sale Price (thousands)
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