REM091618 - Page 6

6 West Hawaii Real Estate | September 14, 2018 MLS Statistics Kona residential market could benefit from a lull in eruption ϲϬϬ ϲϬϬ ϱϬϬ ϱϬϬ ϰϬϬ ϰϬϬ ϯϬϬ ϯϬϬ ϮϬϬ ϮϬϬ ϭϬϬ ϭϬϬ Ϭ ΨϳϬϬ͕ϬϬϬ ΨϳϬϬ͕ϬϬϬ ΨϲϬϬ͕ϬϬϬ ΨϲϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨͲ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ ΨͲ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ ϴͬϯϭͬϬϲ ϴͬϯϭͬϬϳ ϴͬϯϭͬϬϴ ϴͬϯϭͬϬϵ ϴͬϯϭͬϭϬ ϴͬϯϭͬϭϭ ϴͬϯϭͬϭϮ ϴͬϯϭͬϭϯ ϴͬϯϭͬϭϰ ϴͬϯϭͬϭϱ ϴͬϯϭͬϭϲ ϴͬϯϭͬϭϳ ΨϰϱϬ͕ϬϬϬ ΨϰϱϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϱϬ͕ϬϬϬ ΨϱϬ͕ϬϬϬ ΨͲ ϲϬϬ ϲϬϬ ϱϬϬ ϱϬϬ ϰϬϬ ϰϬϬ ϯϬϬ ϯϬϬ ϮϬϬ ϮϬϬ ϭϬϬ ϭϬϬ Ϭ North Kona Condominium # Sold In Past 12 Months vs. Median Sale Price (thousands) DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ Ϭ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ ϴͬϯϭͬϬϲ ϴͬϯϭͬϬϳ ϴͬϯϭͬϬϴ ϴͬϯϭͬϬϵ ϴͬϯϭͬϭϬ ϴͬϯϭͬϭϭ ϴͬϯϭͬϭϮ ϴͬϯϭͬϭϯ ϴͬϯϭͬϭϰ ϴͬϯϭͬϭϱ ϴͬϯϭͬϭϲ ϴͬϯϭͬϭϳ The North Kona residential market Hawaii Island could be a big beneficiary of the lull in eruptive activity from Kilauea volcano. June and July data had shown some negative impact in sales numbers and price from the eruption onset. The year over year stats are still up because up through April 2018 the market was up substantially over 2017. As of this report date, the inventory is actually up slightly from last year and median price is only up slightly. The island wide stats show a slight drop in East Hawaii sales numbers since last year. Average price is still up in East and West Hawaii from the previous 12 months. Chart 2 — North Kona Condo data is currently looking stronger than Residential stats. Inventory continues to decline. There are now only 126 condo units on the market priced below $1.5M. The median price is up 2 percent. Hopefully it will not take long to see the West Hawaii market celebrate the end of the eruption with strong sales numbers and price increases. Historically, sales data shows that in market cycles in Kona the previous peak prices are surpassed by a substantial amount at the next market cycles peak. The residential and condo price charts show current prices are below their previous peaks. This suggests it is possible the current price growth trends will continue for the next several years. North Kona Residential # Sold In Past 12 Months vs. Median Sale Price (thousands) Ϭ ϴͬϯϭͬϬϲ ϴͬϯϭͬϬϳ ϴͬϯϭͬϬϴ ϴͬϯϭͬϬϵ ϴͬϯϭͬϭϬ ϴͬϯϭͬϭϭ ϴͬϯϭͬϭϮ ϴͬϯϭͬϭϯ ϴͬϯϭͬϭϰ ϴͬϯϭͬϭϱ ϴͬϯϭͬϭϲ ϴͬϯϭͬϭϳ ΨͲ ϴͬϯϭͬϬϲ ϴͬϯϭͬϬϳ ϴͬϯϭͬϬϴ ϴͬϯϭͬϬϵ ϴͬϯϭͬϭϬ ϴͬϯϭͬϭϭ ϴͬϯϭͬϭϮ ϴͬϯϭͬϭϯ ϴͬϯϭͬϭϰ ϴͬϯϭͬϭϱ ϴͬϯϭͬϭϲ ϴͬϯϭͬϭϳ The data and charts are excerpts from the “Griggs Report”. The report is a semimonthly real estate market perspective compiled by Michael B. Griggs, PB, GRI. The data source is the Hawaii Information Service. If you would like to be added to the e-mailing list for the full report please email: 2mikegriggs@gmail.com. North Kona Homes Priced to $4.0M # For Sale Sold Last 12 Mos. Median Sale $ Sold Last 30 Days 8/31/06 340 560 $632,000 47 8/31/07 399 422 $615,000 36 8/31/08 395 290 $560,000 12 8/31/09 407 227 $449,000 22 8/31/10 291 347 $402,000 24 8/31/11 270 390 $369,000 27 8/31/12 221 400 $383,000 32 8/31/13 162 468 $425,100 46 8/31/14 167 429 $487,900 39 8/31/15 210 426 $550,000 44 8/31/16 224 440 $577,000 34 8/31/17 170 499 $620,000 42 8/31/18 179 484 $625,000 32 Percentage Change since 2017 5% -3% 1% -24% N orth Kona Condos Priced to $1.5M # For Sale Sold Last 12 Mos. Median Sale $ Sold Last 30 Days 8/31/06 367 522 $425,000 41 8/31/07 378 300 $365,000 33 8/31/08 353 214 $350,000 17 8/31/09 351 145 $265,000 15 8/31/10 238 258 $210,000 22 8/31/11 187 302 $172,000 22 8/31/12 151 316 $171,000 27 8/31/13 111 332 $215,000 33 8/31/14 131 364 $239,900 27 8/31/15 160 362 $250,000 28 8/31/16 182 340 $270,000 35 8/31/17 144 433 $289,900 35 8/31/18 126 405 $297,000 27 Percentage Change since 2017 -13% -6% 2% -23% N. Kona Residential Price Range Table 2017 Sold 2018 Sold Gain/Loss TO $400,000 34 27 -7 $401,000 to $500,000 79 74 -5 $501,000 to $700,000 195 185 -10 $701,000 to $900,000 95 102 7 $901,000 to $1.5M 70 73 3 $1.5M to $4.0M 29 26 -3 Over $4.0M 25 26 1 TOTAL KONA HOME SALES (12 MONTHS) 527 513 -14 HAWAII ISLAND HOME SALES PRICES 2017 2018 HAWAII ISLAND TOTAL $534,100 $577,400 EAST HAWAII (3-1 TO 3-4) $287,900 $298,400 WEST HAWAII (3-5 TO 3-9) $837,600 $890,800 link