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Kevin E. Lewis REALTOR® CFP® Prudential Orchid Isle Properties, Hilo Hawaii
Cell: (808) 895-4956 HiloAgent @ Yahoo.com |
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How Much Do Homes Cost on the Big Island?
Dec 2011 YTD - Source: Hawaii Information Service Inc. |
2011 Real Estate Market Trends
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Hawaii County |
Hilo |
Kailua-Kona |
Pahoa (Puna) |
East Hawaii |
Click on Above Graphs for Hawaii Real Estate Market Home Sales and Price Trends Information, powered by On Board LLC
(Note: The last quarter on the graph appears to be partial information)
Have we seen signs of a bottom? The number of Big Island Hawaii home sales are moving up while the average home price trends are down. There are still Buyer's Market opportunities, they are just getting harder to find. The volume of inquiries from potential Buyers show there is demand for Hawaii real estate, especially in Fixer Homes and Bank Foreclosures. The question is when enough Buyers will make their move... creating the next Seller's market! Big Island Population Grows by 25% 2011 Big Island Real Estate Sales
2011: The Big Island real estate market showed an improving number of residential home sales (mostly in our North Kona and Puna districts.) The Hawaii real estate market has been affected by the slower West Coast real estate market, and we have seen a larger percentage of Buyers coming in from our neighbor islands. The recovery in the stock market, historically low interest rates, and improving local economy have all helped the Hawaii housing market. Vacant land prices, which have corrected as a result of too many Sellers cashing in profits and too few Builders and Investors buying land, are showing signs of improving as akamai Buyers pick up the bargains. The Kona condo market and low priced fixer and bank foreclosure home sales have picked up sharply as prices fell, while Buyers continue to pass over Hilo condos as they search for better opportunities in Hilo homes and Puna homes. The long term economic outlook for the Big Island of Hawaii remains positive, especially in the Hilo and Puna districts where new stores have been opening, the return of mainland direct to Hilo flights, and expansion of the University of Hawaii. The Buyer’s market in Hawaii should continue in 2012 and there are opportunities to be found for those ready to take advantage of the slower market.
Buyers are always looking for a "great deal". My survey of recent sales show that sale prices average about 94% of asking prices. "Contingent Upon Sale", "Low-Ball Offers" or "Trade for my Mainland Property" are rarely accepted in our market. Many of those who are buying properties today are planning for an early Hawaii retirement or for investment knowing that real estate markets are cyclical. Income Investors are finding Hawaii rental properties with cap rates averaging 4% to 5%. Real estate inquiries from want-to-be residents continue to keep many of us Hawaii Realtor agents busy, so we know the demand is there. There are still quite a few Buyers who are "waiting to see what happens" to our real estate prices, or until they can sell there so they can buy here. Quite a few people are still waiting for an across the board "crash" in Hawaii real estate, similar to that which hit Arizona, Nevada, and Florida - but locally the realtors don't see that happening. Buyers who wait too long trying to time the the market may find themselves asking, ”I could have, should have, would have... bought when it was a Buyer's market!"
Sellers are saying "I didn't get as much as I wanted, and it took longer than I thought, but I sold!" The prices of Hilo and Kona real estate sales are down from the all time highs of 2007/2008, but the number of sales are within our 10 year average. My recent count shows about 24% of the homes on the market in escrow, and about 8% of the land parcels are in escrow. If you bought before 2005 and thinking to sell today, chances are there is still profit to be made. It's worth it to put the property online if it is priced right. Your competition are the few dozen bank foreclosures that we have on the market, many are priced on the low side in order to create excitement in the marketplace, with the goal of starting a bidding war among Buyers - and it is working! It's the "Lets try 20% above the market price to see what happens" that disappoints Sellers when their property does not sell as fast as they would like.
Attitudes are changing about the improving Hawaii economy and Hawaii real estate market. This should help 2012 be a better year for Big Island real estate sales.
...Just my opinion of the Big Island real estate market! Mahalo for visiting my Hawaii real estate website.
Kevin E. Lewis is a Hawaii licensed Realtor® with Prudential Orchid Isle Properties, Hilo Hawaii.
Real Estate Sales Soar this Month, Crashes the Next... the Headlines Often Don't Tell the Whole Story!
Pacific Business News - Sep 14, 2011: Hawaii foreclosure filings drop 75% in August
The number of Hawaii properties with foreclosure filings plummeted in August when compared to the same month last year... That sent Hawaii down to No. 32 in the rankings, which remain topped by Nevada and California, the two states hardest hit by the foreclosure crisis.
Pacific Business News - Sep 6, 2011: Big Island Home Sales Rise in August, Prices Mixed
My Recent MLS Survey: June 14, 2011
Out of 889 current Hilo / Puna residential listings, 75 = 8.4% are short sale listings, 99 = 11.1% are foreclosures.
Out of the 382 Hilo/Puna sales in the past 6 months, 25 = 6.5% were short sale listings, 118 = 30.9% were foreclosures.
Pacific Business News - May 5, 2011: Big Island Home Sales Down, Prices Rise
Home sales on the Big Island fell in
April while prices saw slight increases. There were 136 single-family
homes sold on the Big Island in April, down 19.5 percent from the
169 sales recorded during the same month last year. The median price
of a single-family home last month was $259,950, up 8.4 percent
from $239,900 in 2010.
Pacific Business News - Apr 5, 2011: Big Island Home Sales Rise, Prices Fall
There were ... 26 percent more sales than... during the same month in 2010. The median price of a single family home last month was... down 22 percent...from 2010.
[The big demand is for low priced fixer/foreclosure homes in Puna and N Kona, giving the appearance of a falling market.]
Pacific Business News - Mar 7, 2011: Big Island Home Sales Up in February
Homes sales on the Big Island rose in February while prices were mixed.... The median price of a single family home was $256,400, an 8% increase compared to... the same month in 2010... [sales increased by 12%]
Yahoo! Finance - Feb 24, 2011: Discount for Foreclosed Homes Widened in 2010
The gap between the average sale price of a foreclosed home and that of other properties grew wider last year, giving homebuyers who snapped up bank-owned homes big discounts.
Pacific Business News - Jan 5, 2011: Big Island Sales see December Spike
There were 140 single-family home sold in December, up from 127 sold during the same month in 2009, while there were 61 condos sold, up from 37 sold in Dec 2009.
Pacific Business News - Dec 31, 2010: Home Sales, Prices Could Favor Sellers in 2011
Higher interest rates and a tight inventory may turn Hawaii's residential real estate market into a seller's market in 2001, especially for Oahu.
Hawaii Tribune Herald - Dec 19, 2010: Isle Home Sales on the Rise
With the median sale price of a Big Island home down 5.8 percent from the same time a year ago, it's still a buyer's market -- and the buyers are starting to return. The number of residential sales on the Big Island rose 21 percent and the combined dollar value is up 25 percent compared to the same time last year...
United-Continental to Serve Hilo Next Year: LAX and SFO to fly to Hilo (ITO) Non-Stop starting June 2011
Pacific Business News - Sep 13, 2010: Big Island Condo Sales Up 25% according to the Hawaii Information Service
The
number of single-family homes on the Big Island dipped slightly in September,
while condominium sales rose... Homes
sales for the first nine months of the year were up 30 percent, while the median
price of $255,000 was down 4 percent.
Pacific Business News - Sep 13, 2010: Big Island Home, Condo Sales
Up in August
1,013
single-family homes have been sold on the Big Island in 2010, up 35 percent
from the 750 homes sold during the first eight months of 2009.
Honolulu Star Advertiser - Aug 27, 2010: Construction lifts Big Island Economy
Pacific Business News - Aug 27, 2010: Big Island [Economy] Headed In Right Direction
The Big Island economy is finally breaking out of the doldrums, led by a construction sector that is outperforming the rest of the State.
Pacific Business News - August 10, 2010: Big Island Housing Market Remains Soft
Both single-family homes and condos saw a slip in median prices this July. Homes sold at a median price of $244,500, compared to last year’s $258,000.
Pacific Business News - July 9, 2010: Big Island Home, Condo Sales Rise Sharply
... Homes sold last month were 56.3 percent higher than last year, median price 1.8 percent higher than a year ago.
Fannie Mae Gets Tough on Homeowners Who Walk Away
The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it.
Pacific Business News - May 5, 2010: Big Island Sees Big Jump in Home Sales
The Big Island’s April home sales jumped 76 percent over the previous year while the number of condominium sales climbed 72 percent.
Pacific Business News - Mar 5, 2010: Big Isle Home Sales Up
The Big Island saw an 8 percent rise in single-family homes sales in February, but the median sales price fell 19 percent...
Pacific Business News - Feb 5, 2010: Big Island Home Sales Rise Sharply
Big Island home sales got the year off to a rousing start in January, with two-thirds more homes sold than the same month last year...
However, the median price... was down 9 percent from $263,000 in the same month in 2009.
CNN Money - Feb 3, 2010: You Lost Your Home - But You Still Have to
Pay
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right? Wrong.
Pacific Business News - Jan 28, 2010: Honolulu Ranks Lower in Foreclosures
Despite a surge in foreclosures in 2009, Honolulu’s foreclosure rate ranked 128th out of 203 of the nation’s largest metropolitan areas, according to new statistics from RealtyTrac...far behind many other West Coast cities.
Pacific Business News - Jan 5, 2010: Big Island Home Sales Rise, Prices
Drop
For December, there were 120 sales, up 22 percent from 98 houses sold in December 2008... The median price in December, however, was $275,000, a 7.5 percent decline from $297,500 in 2008.
Pacific Business News - Dec 7, 2009: Big Island Sees 66% Surge in Home Sales
Sales of single-family homes on the Big Island rose by more than 66 percent last month, compared to last year, while prices saw a slight increase.
Pacific Business News - Nov 4, 2009: Big Island Housing Market Bounces Back
Big Island home sales bounced back in October... Single-family homes saw the greatest gain, a 46 percent increase to 118 houses sold last month, compared to 81 houses sold in October 2008.
Pacific Business News - Sep 8, 2009: Big Island August Home Sales Increase
Home sales on the Big Island picked up last month, with sales of single-family homes and condominiums increasing by at least 10 percent over August 2008. Prices for Big Island single-family homes remained fairly stable...
Forbes - Aug 25, 2009: Hawaii Forecasting Gradual Economic Recovery
The Department of Business, Economic Development and Tourism's latest quarterly report... predicted a 1.1 percent decline in Hawaii's 2009 real gross domestic product.
Pacific Business News - Aug 5, 2009: Big Island Home Sales Rise, Prices Slide
The median price of a single-family home on the Big Island in July was $260,000, down 13 percent from July 2008, when the median price was $299,000. That price was based on the sale of 117 single-family homes, up from 100 in 2008. [Note: More homes are selling in lower priced Puna than higher priced Kona, which affects the median home sale for the Big Island. We've seen this before.]
Pacific Business News - June 22, 2009: Resort Home Defaults Cause Sharp Spike in Hawaii Foreclosures
[Most] of the approximately 200 bank-owned property listings... on the Big Island are second homes, the majority of those along the Kona Coast.
Hawaii Tribune Herald - May 24, 2009: Isle's Real Estate Slump Easing
Decrease in sales is smaller; Hilo faring better than Kona. [East Hawaii is less tourist based than West Hawaii]
Pacific Business News - May 4, 2009: Home Sales, Construction Spending Stabilize
Pending home sales rose 3.2 percent in March, due in large part to first-time Buyers taking advantage of affordable home prices.
Pacific Business News - Jan 15, 2009: Hawaii saw 3,346 Foreclosures in '08
The state’s ranking in foreclosures per household jumped from 43rd in 2007 to 34th in 2008.
Pacific Business News - Jan 5, 2009: Big Island Home Sales Continue to Fall
Home sales on the Big Island fell in December, mirroring the trend of a drop in sales of about 30 percent for all of 2008.
Prices of single-family homes fell during December, but held to modest decreases for the year.
Pacific Business News - Nov 11, 2008: Hawaii Homeowners Stay 'Above Water'
Hawaii is among the states with the fewest homeowners who owe more on their mortgage than their home is worth.
Pacific Business News - Nov 7, 2008: Recession? ‘We’re Not There Yet,’ Bank of Hawaii Economist Says
"There are enough potentially encouraging signs, like the recent free-fall in oil prices, that could give a boost to the Hawaii economy."
Pacific Business News - Nov 5, 2008: Big Island Home Sales Rise, Prices Drop
Year-to-date, the median price of a single-family home on the Big Island was $350,000,
which was 14 percent down from the first 10 months of 2007 when the median price was $405,000.
Pacific Business News - Jun 20, 2008: Big Island Gets Some Bad News, But Homes Are More Affordable
First-time home Buyers now have the opportunity to get into a home at a fairly reasonable price, especially in Puna.
The market decline has provided an inventory of lots and homes at reduced prices that put owning a home within reasonable reach for some.
Pacific Business News - Feb 13, 2008: Hawaii Foreclosure Rate Is Among the Lowest in the U.S.
Pacific Business News - Feb 1, 2008: Big Island Real Estate Fares Better than Most Markets
The Big Island took a dip like the other markets but reports indicate not as bad as other areas. Properties still are moving, taking longer than normal and on a select scale. Starter homes in the $200,000 and lower and those over $450,000 still are moving. Those in between seem to be in a slower cycle.
Honolulu Advertiser - Jan 13, 2008: Development Soars in Risky Hawaii Lava Zones
Puna, with its many lava zones, is the fastest-growing region on the Big Island, and is expected to have the largest population of any of the island's nine districts by 2015.
Pacific Business News - Oct 5, 2007: Big Island Economy Slowing But Still Strong
Like elsewhere in the state, the Hawaii County economy is winding down from the boom of the last several years.
Hawaii Tribune Herald - Jul 19, 2007: East Hawaii Real Estate Blooming
East Hawaii real estate sales increased in May and June, marking a resurgence in market activity after declines highlighted by a January and February slump. While the number of sales is up, the sale prices of homes continue to go down. Vacant land is following a similar trend. Puna land sales hit the highest level in a year last month.
New York Times - Apr 6, 2007: On the Big Island, a Place for Price Sensitive Home Shoppers.
Affordable Hawaii retirement properties can be found In Puna on the Big Island of Hawaii.
Honolulu Star Bulletin - Mar 22, 2007: Big Island population rising fast - Up 14.7 percent since 2000
Honolulu Star Bulletin - Feb 7 2007: Big Isle Sales Fall
Sales of homes on the Big Island and Kauai got off to a slow start this year, but prices rose on both isles, even setting a record on Kauai... On the Big Island, the number of homes sold dropped to 113 in January compared to 151 in January of last year, a 26 percent drop, according to data from Hawaii Information Service. The median price of a home on the Big Island climbed to $398,000, a 3.1 percent year-over increase from January 2005.
Hawaii Tribune Herald - Jan 5 2007: East Hawaii Real Estate Rebounds
Officials say East Hawaii market seems to be on a rebound. The East Hawaii real estate market appears to be crawling out of its slump. Both sales volume and prices were up in December from the previous month. Fifty-four homes were sold in Puna last month for a median price of $261,000, up from 49 sales with a median price of $250,000 in November.
Hawaii Tribune Herald - Dec 8 2006: Big Island Real Estate Market Takes Dive
Big Island real estate market takes dive - Agents telling Buyers to go to Puna for the bargains. As Hawaii waits for the real estate market to hit rock bottom, Puna and Hilo prices and sales volume have taken a plunge. The market for vacant lots saw the biggest decline and in November had a fraction of the strength it had one year earlier.
Pacific Business News - Nov 3, 2006: Big Island Housing Prices on the Rise
Residential real estate prices on the Big Island were on the rise for the first 10 months of this year, even as the number of sales fell sharply, according to data released Friday.
Pacific Business News - Sep 13, 2006: Labor shortage hurts Big Island economy
Anyone who is still waiting for the bursting of a real estate bubble may be missing what really threatens Hawaii's economy - lack of skilled workers to fill vacancies.
Honolulu Star Bulletin - May 13, 2005: ‘Coconut wireless’ gets it wrong on Oprah’s comments
Some are blaming the talk show host for promoting Big Island real estate, but she never did. What did Oprah Winfrey REALLY say about Hawaii Real Estate?
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Need A R
EALTOR® on the Big Island of Hawaii?If you need a friendly agent with experience in our local Hawaii real estate market to help you find your place on the
Big Island, please write to me. I'd be glad to help! Kevin E. Lewis, Realtor
® in Hilo Hawaii HiloAgent @ Yahoo.com
Mahalo for visiting my Big Island Hawaii Real Estate Website!
Kevin E. Lewis, REALTOR® HiloAgent.com - Prudential Orchid Isle Properties, NOBODY Knows the Big Island Like We Do!™
