December 12, 2009

November 2009 Big Island Real Estate Report

Kailua-Kona and the Kohala Coast reported more than a 100% increase in Single Family Residential home sales as compared to November ‘08. Hilo saw an increase in both homes sales and the median sales price of a home, jumping to $290,000, up from $239,250 in Nov ‘08. Not sure if that median price increase is an anomaly or the first sign that we’re nearing the bottom of the market. More data points are needed, so we can plot the trend. First time home buyer activity has increased as a result of the extended tax credits, continued low interest rates and low median prices.

For condos, we see median sale prices increase for Hilo, but sales dropped about 50%. The Kohala Coast reported a 75% increase in condo sales compared to Nov ‘08, while Kailua-Kona was almost unchanged. The next four months will be a busy season and we’re seeing the first signs of visitors sizing up the market, since the prices are near 2002-2003 levels.

Current Market Conditions as of Dec 11, 2009… There are 603 Single Family Homes on the market for the Kona/Kohala Coast, which is a increase from last month’s 563 active listings, 92 homes in escrow, which is down from last month of 118 and 53 homes sold… 8 more than last month. At the current buying rate, we have a 11.4 month supply of homes, which is less than last month’s 12.5 month supply.

Of the 603 Single Family Homes on the market, 26 are Foreclosure Listings and 118 are Short Sale Listings.

For Kona/Kohala Coast Condos, there are currently 609 on the market for sale, 65 in escrow, up from 58 last month and 21 sales. We have a 29 month supply of inventory, which is an increase from last month’s 25.5 month supply. The financing for vacation condos has stricter guidelines and lenders are requiring larger down payments in the neighborhood of 30%.

Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.

May 20, 2009

Oahu Market Update

Well there is some good and bad news to report. It all depends on whether you are a seller or a buyer. The good news tends to favor the buyers in the current market conditions. If you are a buyer you are able on average to purchase a home on Oahu for about 13% less than a year ago according to the sales stats for closings comparing April of 2008 to this year. With the fact that interest rates are at an all time low, it looks like a great time to buy a home here on Oahu.

We are seeing the activity pick up here on Oahu as far as offers and properties being put into escrow. These are all signs that the bottom may be near. Inventory has to shrink before prices can stabilize. It appears that is what may be happening.

There is some good news for sellers. It you have your property priced correctly with the recent increase in activity, you have a better chance of getting your home sold. I am hearing the same thing from real estate agents on the Big Island Hawaii, Kauai and Maui. Karen on Maui has informed me that investors are looking at Maui homes and condos again as investments. Russell on Kauai reports that they are looking for Kauai forecloseres or just a really good deal. He says there are plenty of them on Kauai at the moment.Looks like the confidence is definitely picking up and some buyers are starting to feel like this is a great time to get a piece of paradise.

Jim Cramer from Mad Money has been suggesting right now is a great time to start getting into real estate as an investment.

Here are some interesting numbers from April:
April of 2009 had approximately 184 SFR sell compared to 255 sell in April of 2008. The average sells price in 2008 was $731,361 compared to $640,000 in April of 2009. That is about a 13% decrease in price.

On average buyers have been able to pick up properties for 96% of list price for SFR and 95% of list price for condos.

Nobody can predict the exact bottom of the market, but with the decease in both the prices and interest rates it is definitely a good time to consider getting a piece of paradise.

March 1, 2009

February Oahu Real Estate Housing Stats

Below are some Oahu real estate stats for the month of February 2009.

On Oahu there were 126 SFR properties sold for an average of 91 days on the market. They sold on average 96% of list price. Average list price was $666,772 and the average sales price was $632,262. The average house size was 4 bedroom, 2.5 bath with 1,674 living SqFt and a lot size of 6,754.

For the same month the year before there were 142 SFR properties sold for an average of 77 days on the market. They sold on average 97% of list price as well. Island wide the average sales price was $770,535.

It appears that the average SFR sales price island wide for the same month has declined approximately 18%. Number of sales was down approximately 12% from 2008.

Search all Honolulu real estate on Jeff Manson’s Hawaii real estate search.

March 1, 2009

January Oahu Housing Information

Below are some Oahu real estate stats for the month of January 2009.

Island wide there were 116 SFR properties sold for an average of 95 days on the market. They sold on average 96% of list price. Average list price was $801,845 and the average sales price was $747,120. The average house size was 4 bedroom, 2.5 bath with 1,796 living SqFt and a lot size of 8,081.

The same month the year before there were 223 SFR properties sold for an average of 80 days on the market. They sold on average 96% of list price as well. Island wide the average sales price was $952,277.

It appears that the average SFR sales price island wide for the same month has declined approximately 22%. Number of sales was down approximately 48% from 2008.

The condo sales were down approximately 60% and the amount of Hawaii foreclosures continue to increase. With the interest rates at all time low there should be plenty of great buys for the bargain hunters.

January 16, 2008

Big Island Real Estate Market Update

The Big Island of Hawaii has seen the sales volume in the residential market decrease over the past year since the peak in 2006. Causing great buying opportunities Islandwide.

Big Island MLS Sales Statistics – Sales Volume
LOCATION PROPERTY TYPE 2006 2007 % INCREASE/

ENTIRE Residential $1,133,249,353 $958,910,123 <15.38%>
PUNA Residential $188,820,314 $148,329,901 <21.44%>
SOUTH HILO Residential $138,404,155 $93,513,499 <32.43%>
NORTH HILO Residential $6,911,888 $7,621,601 10.27%
HAMAKUA Residential $20,445,739 $16,318,740 <20.19%>
NORTH KOHALA Residential $40,845,000 $33,255,990 <18.58%>
SOUTH KOHALA Residential $263,634,942 $249,687,574 <5.29%>
NORTH KONA Residential $389,642,415 $346,580,401 <11.05%>
SOUTH KONA Residential $45,673,450 $35,393,014 <22.51%>

If you are interested in Big Island real estate in Hawaii you can contact American Dream Realty for all your buying needs.

April 2, 2007

Hawaii Real Estate Blog

This is a Hawaii real estate blog brought to you from American Dream Realty. It will have great Hawaii real estate market information plus great things to do and see while living in the Hawaiian Islands. It will also provide information while traveling to Hawaii. While you are vistiting our great islands you can stay in one these great Hawaii vacation rentals posted on goin2travel.com.