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“Selling a condo in this market can be difficult but Gretchen made it simple! Her knowledge of the market, her staging, and her willingness to ‘get it show ready’ in my absence was great! Her use of technology enabled me to quickly sign documents from Connecticut and the fabulous photos had me an offer in 48 hours! If you are planning to sell, do what she says—it’s worth it!” H. Beljean (read more)
West Hawaii Real Estate Update
April, 2012: Volume 9, Issue 4
The first quarter sales results for 2012 are in and North Kona fell 19 properties short of besting last year with 193 overall. Not to worry though since pending sales shot up to 199… the highest since February 2011… so I’m expecting big things for the second quarter.
March’s sales, as predicted, did top the first two months of the year coming in with a strong 77 houses, condos, and land sales, of which 56% were still all cash.
The big story of March was the house closings of 40, that is up 25% from February’s 30… wow! Topping out the quarter with 97, this segment of the market is hot. Houses still also represent the largest pending sales, in triple digits for only the 3rd time in the last 12-months at 120.
Condos and land sales ended March about the same; for the quarter they are at 74 and 22 respectively.
Distressed sellers represented 61 of the 193 sales, making them 31% of our current market. Short sales for the quarter closed with 26 and foreclosure sales totaled 35. The distressed sales last year in Q1 totaled 89 (29 and 60 respectively) and represented 42% of our overall sales… nice change!
Luxury Real Estate
Kona luxury sales more than doubled from February to March! With 13 closings overall this is one of those rare double digit months that are usually tied to our winter season … very exciting to see!
Pending sales in Kona luxury typically are in the single digits but for the second consecutive month they are at 14. That is a combination of 6 houses, 4 condos and 4 parcels of land.
The residential luxury inventory in Kona is dropping, with less than 100 houses available now and only 30 condos. Land inventory has been steadily increasing and is now up to 70 parcels.
First quarter sales in 2012 outpaced 2011, 23 to 20. We also surpassed 2011 Q4 so it would appear we are building some momentum in this market segment.
Kohala had slow sales for March and closed the quarter with 9 sales in houses, condos, and land… up from 7 in Q4 of 2011.
Pending sales are on their fourth consecutive month of double digits so hopefully there is a big month on the horizon.
At the end of March there were 14 luxury sales waiting to close. Condos make up the majority with 11 and about half of them are in Waikoloa and the others are in the Mauna Lani.
Inventories in Kohala are holding steady and have been for months but I would like to see them start dropping .
Nice to see luxury with some promising months ahead!
Inventories continued to decline in Kohala in March… good news, especially when combined with increased pending sales and closings… yeah!
Condo sales were the highlight of the month, jumping to 20. Pending sales are up to 77 for the first time in a really long time.
House sales were slightly off with 16; pending sales remain strong with 55 waiting to close.
The first quarter, with 114 sales, surpassed the fourth quarter of 2011 and made it back into triple digits… yeah!
Assuming we have the right mix of inventory, look for strong Q2 sales! (Check out the graphs!)
Notes From Gretchen
What a busy time of year! We are finishing up closing the pending contracts from our ‘high season’ and are looking forward to a slight slow down for May and June.
I’m currently ranked 2nd in sales transactions in West Hawaii behind a husband and wife team so it’s looking like it will be a productive year here. My office is ranked 10th but we are the only small office on a list full of franchises and large offices… way to go team!
In the spirit of remembering to have fun living in Hawaii, here’s a photo of me on the Kona pier… can you believe how blue the skies are! Wow!
Quarterly Statistics North Kona
Gretchen L. Lambeth
Broker of the Year – 2010
75-170 Hualalai Road, D-115