Our Most Current Real Estate Market Insights
My Golden Tip for Today, from my observations the trends locally and beyond for 2020 indicate they will probably continue to be tumultuous around the world but perhaps less so here. It’s a good time then to double down on ALOHA (love and hope), with emphasis on living in a safe place with people and an environment you enjoy.
After many years here in West Hawaii, my golden tip today;
A great place to live here on the west side with excellent upside potential, is the area between Palani Road and Honaunau, generally near Mamalahoa Hwy, it’s unique, even for the state and Hawaii Island, because of the abundant pleasant sunshine, pleasing temperatures, the standard insurable lava zone risk, very adequate rainfall, historically protected from the big storms by the mountains and protected from the ocean. The elevation is a little cooler than at sea level and a particularly good area for growing almost everything all year around. It’s lush, has a rural feel but close to services, beautiful and sunny. Ask me more about it, it’s the area I live in.
That said it’s not for everyone. The great thing about this side of the mountain range is that there is a wide variety of choices, see my published article “Finding the Perfect Place to Live” on the home page of my web site.
The Kona housing market has turned from a neutral market last year toward a sellers’ market in the last several months.
February single family listings in Kona have shown a 35% reduction in active listings over the prior year exhibiting a reduction in supply. Pending sales, those properties in escrow, are down 15% for the same period also indicating less homes available to buy. If your serious about buying now, it’s important to see listings as soon as there listed for the best opportunities.
Compared to last year the number of homes sold has increased by 16% and the dollar volume of the sales is up 19%, while the medium price has only increased 2% to date and 2/3rds of the sales occurred above $700k. An indication that the sales price point trend is moving up and should continue to rise further considering the trend.
The number of homes sold in the last month have risen by 26% over the same month the prior year.
My conclusion, it’s a good market, not over heated yet. But remember most people look for a home in a specific price range. The important thing is to really work that range to get the best value for your dollar.
How about the virous? Well that will be what it will, however for now it seems to be acting like the flu only more contagious. We hope it stays modest in it’s severity. Obviously if it doesn’t, it will present more buying opportunity in the US economy in general including housing. I think with the reduction in Fed rates the housing market will be impacted less due to the favorable rates.
All in all comparing real estate prices state wide, the Big Island still offers the best values in the state and some of the most extraordinary surroundings. ——-Greg Gerard, PB, CRS, CIPS, GRI, Kona-Kohala Realty LLC
___For Mike Griggs full report for this same date with all the graphs and micro detail email me and I’ll send you the whole report.