REM110918 - Page 6

6 West Hawaii Real Estate | November 9, 2018 MLS Statistics Room for optimism with recent weather, air conditions North Kona Condominium # Sold In Past 12 Months vs. Median Sale Price (thousands) Brand New 3 & 4 Bedroom Single-Family Homes located minutes away from Kailua-Kona Ocean view homes* on large lots, ɰȈȶǼȢǉӸɰɽɁɨʰːɁɁɨɥȢƃȶɰӗƃȶǁȚʍɰɽ ȴȈȶʍɽǉɰƃʥƃʰǹɨɁȴɽȃǉȈɨɥɁɨɽӝ Priced from the high-$500,000s (FS) ϲϬϬ ϲϬϬ ϱϬϬ ϱϬϬ ϰϬϬ ϰϬϬ ϯϬϬ ϯϬϬ ϮϬϬ ϮϬϬ ϭϬϬ ϭϬϬ Ϭ ϲϬϬ ϲϬϬ ϱϬϬ ϱϬϬ ϰϬϬ ϰϬϬ ϯϬϬ ϯϬϬ ϮϬϬ ϮϬϬ ϭϬϬ ϭϬϬ BRAND NEW HOMES PRICED FROM THE HIGH-$500,000s (FS) ΨϳϬϬ͕ϬϬϬ ΨϲϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϰϱϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϱϬ͕ϬϬϬ The New Wainani Estates • 73-5505 Kaiau Place • Kailua-Kona, HI 96740 • 808.731.8329 • drhorton.com/hawaii Offered by D.R. Horton – Schuler Homes, LLC®5%&RXUWHV\WR%URNHUVEURNHURUDJHQWPXVWDFFRPSDQ\EX\HURQ¿UVWYLVLW+RPHDQGFRPPXQLW\LQIRUPDWLRQLQFOXGLQJ SULFLQJLQFOXGHGIHDWXUHVWHUPVDYDLODELOLW\DQGDPHQLWLHVDUHVXEMHFWWRFKDQJHDWDQ\WLPHZLWKRXWQRWLFHRUREOLJDWLRQ6TXDUHIRRWDJHVDUHDSSURLPDWH+RPHVVXEMHFWWRSULRUVDOH3KRWRLV UHSUHVHQWDWLRQDORQO\'5+RUWRQPDNHVQRUHSUHVHQWDWLRQVRUZDUUDQWLHVWKDWWKHYLHZIURPWKHSURSHUW\ZLOOUHPDLQWKHVDPH)XWXUHGHYHORSPHQWJURZWKRIODQGVFDSLQJDQGWKHOLNHPD\LPSDFW DQ\YLHZVFXUUHQWO\HSHULHQFHGIURPWKHSURSHUW\'5+RUWRQKDVEHHQ$PHULFD¶V+RPHEXLOGHUVLQFHDFFRUGLQJWR%XLOGHU0DJDLQH6HHVDOHVDJHQWVIRUFRPSOHWHGHWDLOV ΨϳϬϬ͕ϬϬϬ ΨϲϬϬ͕ϬϬϬ ΨϱϬϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨͲ ,ZdϭͲEŽƌƚŚ<ŽŶĂZĞƐŝĚĞŶƚŝĂůη^ŽůĚŝŶWĂƐƚϭϮDŽŶƚŚƐǀƐ͘DĞĚŝĂŶWƌŝĐĞ ;ƚŚŽƵƐ͘Ϳ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ ΨϰϱϬ͕ϬϬϬ ΨϰϬϬ͕ϬϬϬ ΨϯϱϬ͕ϬϬϬ ΨϯϬϬ͕ϬϬϬ ΨϮϱϬ͕ϬϬϬ ΨϮϬϬ͕ϬϬϬ ΨϭϱϬ͕ϬϬϬ ΨϭϬϬ͕ϬϬϬ ΨϱϬ͕ϬϬϬ ΨͲ Ϭ ,ZdϮͲEŽƌƚŚ<ŽŶĂŽŶĚŽŵŝŶŝƵŵη^ŽůĚŝŶWĂƐƚϭϮDŽŶƚŚƐǀƐ͘DĞĚŝĂŶ^ĂůĞWƌŝĐĞ;ƚŚŽƵƐͿ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ The North Kona Residential market data indicates sales are off from the same 12-month period from Oct. 2016 through Oct. 2017. The volcano disruption, higher interest rates and high prices are a few of the key factors causing that decline. Now with Kona experiencing the best conditions in 45 years there is much room for optimism. The most recent data in the report does indicate some improvement in pending sales in N. Kona and island wide. This will soon translate in increased sales. The island wide stats show the average price is still up in East and West Hawaii from the previous 12 months. The number of homes sold is off on both sides of the island. Again this is likely due to the market interruption caused by the South East Rift Zone eruption and other market factors. North Kona condo data is currently looking stronger than residential stats. Inventory continues to decline. Of the thousands of condo units in N. Kona there are only 118 currently on the market. This supply vs. demand dynamic has pushed prices higher, up 9 percent from the previous 12 months. 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 median price is about where it was at its peak in 2006. The condo median price is well below the previous peak. 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 ΨͲ ,ZdϭͲEŽƌƚŚ<ŽŶĂZĞƐŝĚĞŶƚŝĂůη^ŽůĚŝŶWĂƐƚϭϮDŽŶƚŚƐǀƐ͘DĞĚŝĂŶWƌŝĐĞ ;ƚŚŽƵƐ͘Ϳ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ ΨͲ Ϭ ,ZdϮͲEŽƌƚŚ<ŽŶĂŽŶĚŽŵŝŶŝƵŵη^ŽůĚŝŶWĂƐƚϭϮDŽŶƚŚƐǀƐ͘DĞĚŝĂŶ^ĂůĞWƌŝĐĞ;ƚŚŽƵƐͿ DĞĚŝĂŶ^ĂůĞΨ η^ŽůĚ;ϭϮDEͿ North Kona 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 10/31/18 2017 vs 2018 N. Kona TO $400,000 $401,000 $501,000 $701,000 $901,000 $1.5M to Over $4.0M TOTAL KONA