November 4, 2010

Hilo housing real estate market

Hilo, Hawaii, is the largest city on Hawaii Island (more commonly referred to as the Big Island), and the second largest city in the state, with a population of more than 40,000. it is located on the Hilo Bay on the windward (eastern) side of the island, has its own airport, the Hilo International Airport, and is the county seat of the island. Despite all these claims to Hawaiian fame, however, the Hilo real estate market has not been able to avoid the plague that has stricken nearly every local and major real estate market across the United States over the past couple of years. Here, like in so many other communities, the rule of supply and demand has taken effect: Home values have fallen as the number of Hilo homes for sale has risen as more and more homeowners have found themselves either unemployed and unable to make their mortgage payments or underwater and owing more on their homes than its now-valued price, and the number of foreclosures in Hilo has risen.

Though the real estate market here has stopped what seemed like a never-ending free fall, it is still far from out of the financial crisis woods. According to the Hawaii Island Board of Realtors’ monthly statistics, there were 14 residential homes sold in South Hilo in September, a decrease from 18 at the same time last year. North Hilo, on the other hand, saw four homes sold in September, up from no sales at the same time last year. Although sales seemed to be struggling in September, however, so far in 2010, the number of residential homes sold in South Hilo is outpacing last year’s figures to date by more than 24%, with 149 homes sold in the first nine months of the year. North Hilo, too, has seen sales figures besting last year’s, with eight home sales this year so far versus just six last year at the same time. But despite promising sales volume, home values are still stuck in the mud. In September, South Hilo residential homes fetched a median sales price of $257,500, down 8% annually. So far this year, South Hilo homes sales price stand at a median of $255,000, down just over 7% from the same time a year ago. North Hilo sales are faring better though, with the median sales price for the first nine months of the year at $550,000, up almost 20% from a year ago.

Signals from the Hilo condo markets were mixed in September. There were four condos sold in South Hilo in the month, double the number sold in September of 2009. But so far this year, sales volume has failed to outpace 2009. There have only been 29 condos sold in South Hilo through September, down 21% from volume at the same time last year, which stood at 37 over the first nine months. Though the median price for condos sold in Hilo fell in September, it’s actually up annually based on sales figures for this year to date. The September median price for a condo in Hilo was just over $61,000, down by more than 44% from $110,000 a year ago. But in the first nine months of 2010, the median condo sales price comes out to $90,000, eclipsing last year’s  same figure of $76,250 by more than 18%.

October 30, 2010

Kona Housing market update Big Island hawaii

The community that takes up a large share of Hawaii Island proper, or the area that is most commonly referred to as the “Big Island,” Kona is one of this island’s largest commercial areas and the Kona real estate market is made up of a mixture of single-family residential homes as well as condos and other similar units. The market here has seen its riches diminish over the past couple of years as the real estate market reacted to the subprime mortgage meltdown and the larger global economic downturn, like most neighborhoods and communities across the island state. The global recession resulted in falling sales volume and home values, and a rise in the number of foreclosures in Kona.

Today the market for Kona homes for sale remains a bit of a mixed bag. While some statistics have risen and shown promise of slowly making their way back to pre-crisis  levels, other areas have stagnated. According to statistics from the Hawaii Island Board of Realtors, in September, there were 34 residential homes sold in North Kona, a 41% annual increase. South Kona saw its sales volume unchanged year over year, with two sales of residential homes in September of both this year and last. The median sales price for a residential home in North Kona in September was $350,000, a figure that actually fell annually by 5.4%, from $370,000 a year ago. The median price year-to-date for homes in North Kona stood at $410,500 in September, off by more than 5.5% annually. South Kona, too, is still feeling the aftershocks of the global economic turndown. In September, its median sales price for residential homes was $246,500, down an even greater 16.4% annually, from $295,000 in 2009. So far this year, the median sales price for South Kona homes is also down, to $275,000 from $342,750, a decline in price of nearly 20% annually – a discouraging sign for sellers but a sign for buyers that the time may never be better to hop into the market.

Meanwhile, the condo market in North Kona, which has most of the condos in the Kona region, shows more signs for progress. In September, there were 22 condos sold, up 37.5% from September of 2009, when there were just 16 condo transactions. So far in 2010 up through September, 235 condos have traded hands on the market, an increase by just over 99% from 2009, when only 118 condos had sold in the first nine months of the year. Sales prices for Kona condos was on the upswing in September, at a median price of $240,000, an increase of more than 17% from last year’s figures, when the median price was just $205,000. So far this year in the condo market, however, the median condo price is still off. In the first nine months of 2010, the median condo sales price stood at $223,250, down by almost 20% from the first nine months of 2009, when that figure was at more than $278,000.

October 27, 2010

Hanalei Housing real estate market

A tiny town with a population of just around 500, Hanalei, Hawaii, lies along the northern shores of Kauai, just east of Na Pali Coast State Park. Hanalei is most famously known for being the setting for the 1958 musical, “South Pacific,” and scenes from the movie were filmed across many sites in town. Like many communities on the islands, The Hanalei real estate market was hit by the economic meltdown that plagued real estate markets across the U.S. and the greater globe, sending home values down and causing the number of foreclosures in Hanalei to rise. The local market has begun to pick back up recently though and has shown signs of improvement in sales volume, though prices are still struggling.

In September, the most recent month for which statistics are available, there were three residential homes sold, unchanged from the same month a year ago. There were five condo sales in September, up from four in September 2009. So far in 2010, there have been 61 residential homes sold, a healthy 39% increase from sales over the first nine months of the year at the same time last year. Condo sales also saw a 30% increase in sales volume over the first nine months of the year, with 52 condos sold from January to September, versus just 40 condo sales in the first nine months of 2009.

Hanalei homes for sale in September garnered a median price of $610,000, an 11% decline from September a year ago, when the median price for a residential home was $685,000. The median price in September for condos fell even further, by nearly 27%. In September, the price was $385,000, down from $525,000 at the same time a year ago. The median price year to date for residential homes currently stands at $645,000, down about 6% from a year ago, when the price was $610,000. The year to date median for condo sales through September was $448,900, a 25% decline in the median from last year’s first nine months, when that figure was $600,000.

October 26, 2010

Lahaina Maui Real Estate Housing Update

A seaside community on Maui island in the tropical South Pacific state, Lahaina, Hawaii, is a highly coveted community in which to live and its real estate prices generally reflect that, with its many oceanfront properties commanding high premiums. Like many Hawaiian communities, the market here has suffered in recent years due to the financial crisis that has plagued the U.S. and the globe, plunging real estate markets across the country. Even here the market saw trouble, with home values plunging and the number of foreclosures in Lahaina Maui are on the rise. Today the market shows mostly signs of improving but still lies on the crossroads to a new financial order.

In August, according to the Realtors Association of Maui, there were four Lahaina homes for sale closed upon. The homes had a median sale price of $449,500, a marked improvement from the prior month’s median of $310,500, but not quite enough to eclipse the median from a year ago, which was $451,500. The volume of four homes sold is encouraging ,though, as there was just one sale in July and only two sales in August of 2009. Lahaina real estate’s condo market is quite difficult to get a read on in August, as there was only one condo sold, and at an unusually low price of $100,000. In July, there were three condos sold, bringing in a median price of $415,000 each, which was only off slightly from August a year ago, when eight condo sales fetched a median price of almost $429,000.

Year to date, there have been 29 single-family homes sold in Lahaina, an improvement from 2009 year-to-date figures in August by 53%, encouraging signs that more people are willing to get back into the market. The median sales price for a single-familiy home year to date in August was $475,000, though, still off 27% from August 2009, when that figure was $650,000. The condo market current year-to-date sales remain unchanged from the same time as in 2009, with 38 condos sold so far this year. The median sales price of all those 38 condos sold this year is only off from last year’s median by a mere 3%, at $398,000 versus $410,000, showing the condo market is outperforming the home market in Lahaina.

October 19, 2010

Kailua Real Estate Housing Market

Twelve miles northeast of Honolulu, the state’s capital city, Kailua, Hawaii, is a community on  the windward coast of Oahu island along Kailua Bay. The city is home to over 35,000 residents. Kailua real estate consists mostly of single-family homes, though there are also a few condominium complexes. Though the market was initially hit by the flailing U.S. and global economy, matching trends in real estate markets across the islands and the greater American market, the most recent statistics show a mostly improving market, with higher median sales prices and lower numbers of foreclosures in Kailua.

The market for single-family homes in Kailua saw most signs improving. There were 31 new Kailua homes for sale listed on the market in August of this year, unchanged from a year ago, but single-family home sales fell for the month by annual rate of 17%, to 19 from 23. The median sale price rose in August $817,000, up 3.5% from $789,500. Homes commanded 94.7% of their listing prices when sold, up 1.5% on-year. The days on market and inventory both fell on an annual basis. Kailua homes for sale spent just 20 days, on average, on the market before selling, down from 47 a year ago, a 57% improvement. Meanwhile, the current inventory of single-family homes stood at 123, down from 153 in August 2009.

The signs of improvement in the market for condos in Kailua has been improving more slowly than for that of single-family homes. There were seven new condos listed in August, up from six last year in August, and the number of closed sales in the month was unchanged at eight. The median price for condos, unlike home prices, actually fell annually in August, to $320,000 form $380,500, a 16% decline. Sellers, meanwhile, were getting more out of their condos than last year, with resales commanding 95.8% of asking prices, up by more than 7% from a year ago. Condos did clear off the market more quickly, spending an average of just 20 days up for sale before closing, compared with 66 days last year. Inventory remained mostly the same, rising a bit to 28 condos in August, from 24 a year prior.

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October 14, 2010

Kaneohe Real Estate Housing Market

Kaneohe, Hawaii, is a census-designated place in the capital city of Honolulu. Like many communities in Hawaii, this  community, is home to high-priced residential real estate. Though the Kaneohe real estate market has suffered from several setbacks since the beginning of the global financial crisis, in recent month signs have pointed back up toward recovery, as prices rise again and the number of foreclosures in Kaneohe falls.

According to the Honolulu Board of Realtors, there were 45 new listings of Kaneohe homes for sale in August of this year, unchanged from a year ago. During the month, there were 15 closed sales, down 11.8% from August of last year, when there were 17 sales. The median sales price in the month was $650,000, up a mere 0.2% year-over-year, having increased by just $1,000, and sales were seeing a higher percentage of the listing price paid as the final price, was the ratio at 95.2% in August versus 94.1% a year ago.  The biggest improvements have been seen in the inventory: In August, there were just 97 homes for sale in Kaneohe, down from an inventory of 168 at the same time one year ago. In August, homes spent an average 39 days on the market before selling, which was up 62.5% from a year ago, when the average home was on the market just 24 days before selling.

The Kaneohe condo market. There were 21 new condos listed in August, compared with just 18 listed at the same time a year ago. Sales saw an improvement record of 70% annually, with closed sales during the month of August jumping 70%, from 10 to 17. The median price, too, showed improvements, rising to $388,000 from $372,500, a 4.2% rise. Condos spent an average of 39 days on the market in August, down from 45 a year ago, and the current total condo market inventory in Kaneohe stood at 56 in August 2010, down from 64 in 2009.

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October 11, 2010

Honolulu Housing and real estate market update

The capital of the island state of Hawaii, the city of Honolulu is one of the largest cities on the islands and is a major hub for visitors and vacationers on the islands. Because of its importance, Honolulu real estate is generally in a high demand, although demand has dropped off in the past few years amid the financial crisis. Though the market initially experienced turbulence and broad declines after the global crisis set in, lately things have begun to show signs of improvement.

According to the Honolulu Board of Realtors statistics from August, there were 450 new listings in August, fewer than in the two months prior, but more 17% more than the previous year, when there were just 384 listings in the month. There were 360 sales pending in August, up from both July and June’s figures and a more than 45% improvement annually. Meanwhile, closed sales numbered 224 in the month, a slight 6% decline from the previous year, and a decline from June and July figures, both of which were over 265. Homes for sale in Honolulu spent an average of just 32 days on the market before selling during August, improved slightly from July’s 39-day average and down from a year ago, when the figure was 49 days.

The median sales price for homes in Honolulu in August was $645,239, up from July’s price of $604,500 and up even further from June’s $582,500. The median increased more than 15% annually, from a clip of just $560,000, an encouraging sign that the market is on its way back to normalcy.  The average sales price came in at over $806,000, up more than 17% annually and up more than $70,000 from the previous month and more than $100,000 higher than in June.

There were 1,526 active listings available at the end of August, including foreclosures in Honolulu. This figure was down 17.5% annually. Homes sold on the Honolulu market were fetching 94.8% of their original listing price in August, down slightly from July’s 95.8% but improved from a year ago’s 93.6%. At the end of the month, there was a 6.5-month supply of inventory still for sale on the market, a more than 28% improvement from supply in August 2009, when inventory stood at more than 9 months’ supply.

September 20, 2010

Waikiki Housing and market update

Waikiki is a populous neighborhood within the city of Honolulu on Oahu island in the state of Hawaii. It is located on the island’s southern shores along Waikiki Beach, where some of the island’s most coveted – and most pricey – real estate lies. The Waikiki real estate market is highly competitive due to the limited number of properties with beachfront views. Most of the real estate available in this area are condos rather than detached, single-family homes.

Waikiki real estate suffered, along with the rest of Hawaii, after the U.S. economy began to see a downturn in late 2008 and eventually fell into recession. As markets across the nation saw home values plummet and the number of distressed homeowners rise, so too did Waikiki. Prices that had so recently been at all-time highs began to tumble, leaving many owners owing more on their properties than they were now valued for, and the number of foreclosures in Waikiki saw a significant rise in the immediate periods after the crisis.

Though many Waikiki condos for sale still have yet to reach their pre-crash values again, the market has begun to show at least some slight signs of improvement at times, though most indicators have taken a pattern of alternating rising and falling, and the market still has a long way to go to match the numbers in its heyday. In July, Waikiki condos had an average selling price of $431,233, down significantly from June’s figure of more than $568,000. The number of condos sold in July was down as well, by 18% from 61 to 50.

One positive indicator in July in the Waikiki market was the number of days properties spent up for sale before closing, which fell to 73 in July from 106 in June and 84 in May. The number of new listings in July fell a bit as well, down 21% to 112. Because sales volume was down this month, the total inventory rose. It stood at 593, up slightly from June’s figures but encouragingly down 8% annually. The average listing prices for home hitting the market rose to more than $537,000 from about $460,000 in June and $382,900 in May. The average price for sold distressed properties in June was $237,333, showing that there are certainly some homes that can be snatched up for considerably low prices. June saw an inventory of 32 distressed properties in Waikiki, up 81% annually, an indication that the number of homeowners in trouble has risen significantly in the past year.

September 16, 2010

Poipu Kauai Housing Real Estate Update

A small-sized beachfront resort community near the southern edge of the island of Kauai, the town of Poipu is home to almost 1,500 residents. As such a small community, the Poipu real estate market is quite a small one, so demand can run quite high while supply tends to be a bit less than in other areas of Hawaii. It’s no secret that many cities and town across the Hawaiian islands have seen their residential real estate sectors struggle immensely since the onset of the financial crisis sent the country into recession, from which it has yet to fully recover.

Though many things have improved some, the market remains volatile and prices seem to continue to fluctuate up and down from month to month, so it is difficult to extrapolate too many trends, particularly in a market where there may only be a handful of sales per month. The area also continues to see many struggling home owners, many of whom have faced foreclosures in Kauai.

In the month of July, the most recent for which statistics are widely available, residential real estate saw six homes sold in Koloa–of which Poipu is a part. This was a decrease year-over-year of one, as last year saw seven sales in July. So far this year, the community has seen only 12 homes change hands, down from 15 at this time last year, suggesting sales are slowing. Prices of Poipu homes for sale saw a bit of an annual decrease in July, a sign the market is still struggling. The median price fell to $437,500, from $450,000 a 2.8% decline. So far this year, the median is off by $25,000, or more than 5%.

The market for condos saw a similar summer slump, with only three condos sold in July versus five in the same period a year earlier. So far this year, however, the condo market has seen the pace for sales pick up versus last year, with 21 condos sold up to July versus just 14 in the first seven months of 2009. The sales prices of condos have continued to plunge. In July, the median price was $375,000 for sold condos, down by a full $300,000 from last year, when that figure was $675,000. So far this year, condo prices have shown steady signs of falling, with the median to date in 2010 at $443,000, down more than 26% from the same period of last year.

September 15, 2010

Oahu Housing quick update

The third-largest but most populous of the Hawaiian islands, Oahu is also home to the island state’s capital, Honolulu, and nearly 1 million residents, or about 75% of Hawaii’s population. The market for Oahu real estate is therefore a large one and is closely followed by those looking to extrapolate signs and trends in the greater Hawaiian real estate market.

The Oahu market experienced some steep drops in home values at the onset of the financial crisis that hit the U.S. economy. Many homes lost large amounts of their previous value, and the number of foreclosures on Oahu increased dramatically. The inventory of homes for sale on Oahu also steadily rose as more and more people were either forced out of or walked away from their homes and credit became harder to come by for those looking to buy.

Recently, the Oahu real estate market has fared a bit better since the downfall in the U.S. housing market first began nearly two years ago, with the Honolulu Board of Realtors calling its market “relatively steady” in July. In Honolulu, sales volume was up annually for single-family homes as was median price. Condominium sales still saw struggles, however, with both sales volume and median prices down in that category. Year-to-date, the average price of both single-family homes and condos are up, if only ever so slightly. Sales volume is up significantly in both categories as well year-to-date.

“Oahu’s post-tax credit sales landscape is quieter, as are other markets, but we seem to be weathering better than our Mainland counterparts,” said Brian Benton, President of the Honolulu Board of Realtors.  “Unlike most cities, Honolulu saw its pending sales in July increase over a year ago.”