6 West Hawaii Real Estate | April 27, 2018
MLS Statistics MLS The latest data from Hawaii Information Service indicates the residential
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market is quite active, according to the latest Griggs Report. Inventory
is far less than a year ago. The best news is the pending ratio has reached
a new recovery high of 74. Median price has resumed an increasing trend.
This represents a 6 percent increase from the previous 12 months. The
strong demand should continue to push prices higher. There is some indication
that the peak seasonal demand was in March and that is tapering
slightly, which is typical for April.
The pending ratio suggests that the Kona residential market for homes
priced up to $700,000 is a hot market with more than a buyer for every
active listing. Even the $900,000 to $1.5M price range is quite strong. The
number of 12-month sales in the over $4.0M price range is holding at the
recovery high of 32.
Overall the distressed property inventory on the market continues to
decline at a very slow pace. The percentage of MLS listings that are either
REO or short sales island wide is unchanged from last year. It now stands
at 10 percent of all listings. In 2012, approximately 40 percent of the listing
inventory was either REO or short sales.
Condo pending ratio has taken a nice upswing in the last two months
thanks to declining inventory. As mentioned in last report, this has moved
prices higher. All this improvement in price and sales numbers has pushed
the 12-month volume up to $25.0M from the previous 12 months volume.
Recent land data shows a weaker market than residential and condo. The
pending ratio, average and median prices show a decline from a year ago.
The pending ratios for North Kona residences, condos and land are
showing strong positive numbers over 2017. Hawaii Island pending ratio
has reached seller’s market designation of 50 for the first time since the
recovery began.
The year/year price change for the mid-level housing group for 2017
is $587,100, up from 2016’s $582,900. This represents a 1 percent price
increase for 2017. This does coincide with the price change data for land,
which is the basis for real estate values. Land values on average for 2017
are up 1 percent from 2016.
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 4/15/06 4/15/07 4/15/08 4/15/09 4/15/10 4/15/11 4/15/12 4/15/13 4/15/14 4/15/15 4/15/16 4/15/17 4/15/18 Percentage
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