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West Hawaii Real Estate Update: August, 2015

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Testimonial

“You and your staff did such an excellent job in handling the purchase of our new condo! We look forward to continuing to work with your organization. Mahalo!”
Rick & Peggy Benson

Read more great testimonials on my website!

West Hawaii Real Estate Update

August, 2015: Volume 12, Issue 8

Kona condo sales are holding their own… even when house sales have been fluctuating. This is historically true for condos, that even when the market is down we average 14 sales a month.

Currently the average sales price for fee simple condos listed under a million is $302,358, compared to last year at $298,581, with almost identical transaction volume.

hula-girl-ivory backThe difference isn’t so much in the average price but in what you get for your dollars. Our buyers come with a fixed amount to spend and two years ago you could get a 2/2 for that. Now you only get a 1/1. And as the prices continue to climb what the buyers are willing to settle for adjusts… or not, and that is how we will see our market change. Some will leave and go elsewhere to buy since their dollars will get them more on the mainland. But as those prices rise, it makes us again look more attractive… stay tuned!

Notes From Gretchen

I’ve been in Kona for 25 years now having arrived in 1990 when it was still a sleepy little town. And I can’t recall ever having such strange weather.

We have had 4 hurricanes brush past us so far this year, the last one just today.They have brought with them exceptionally humid warm weather and today almost 24 hours of on-and-off again thunder and lightning… something I can only recall once in all these years.

We get so used to taking our great temperate weather for granted, I guess this is my reminder to be grateful when the tradewinds blow!

Economic News

  • Hawaii County saw its lowest unemployment rate since February 2008. Dropping from 5.5% in June to 4.2% in July—that is a huge drop! Down 100 positions in one month and 400 since the beginning of the year, according to the department that tracks this.
  • As a comparison the high in unemployment in Hawaii County was in September of 2009 at 10.2%.
  • Employment in Hawaii County is at its highest ever according to the statistics with 88,800 people on the island employed.
  • The state of Hawaii had the lowest rate of unemployment at 3.7% in July.
  • Hawaii County construction is surging, the county in 2014 approved 4,811 building permits for projects totaling $697 million… and a lot of that is under construction right now. That is a 57% increase in the dollar value approved in 2013… wow!
  • The first increment of $70 million for modifications to improve capacity and efficiency at the Kona Airport has been released. Work is set to begin May of 2016.

North Kona Condo Sales 1992 to July 2015

If we continue to sell 30 or more a month till the end of the year we will surpass last year’s totals and reach roughly 400 units sold in 2015… we shall see!

Just Listed!

 Great Location and Low Maintenance Fees at Makana Kai!

Located on the outskirts of Waikoloa Village, Makana Kai at Wehilani is a cozy private community, yet conveniently located to the Waikoloa Highlands Shopper Center.

As you enter the unit, your face will light up as a large bright space consisting of a welcoming living room (with adjoining lanai), kitchen, and a comfortable dining area unfold before you! Pamper your feet as you experience wall-to-wall carpeting in all bedrooms, living room, dining room and hallway. The kitchen and bathrooms are covered with sheet vinyl flooring that looks like tile! Down the hall, you will find the guest bedroom and bath followed by the Master bath and bedroom that also has a walk-in closet and its own private lanai.

Visitor and handicap stalls are also available nearby. The stackable washer/dryer is conveniently located in an outer closet off the lanai by the living room.

2 BD/ 2 BA • 900 SF of living area • Maintenance Fee: $319/mo
MLS 286205 • Offered at $216,000

For more information or to arrange a showing, give me a call or email me.

South Kohala

July’s closings were stellar out in Kohala. Summer definitely has been kind this year, and looking back, last year was as well. With 52 overall sales, they are on track to exceed last year’s strong third quarter like they did in June.

House sales at 170 year-to-date are edging out condo sales at 126; lot sales have been plodding along at 4 or 5 a month all year. Pending sales for houses are light but condos are strong here with 52 closings coming up hopefully in August.

The average condo sale listed under $1 million is $402,786 and the average house is $463,755.

Market Snapshot

Closed in
July, 2015
For Sale in
August
, 2015

Kailua-Kona:
45 Homes
35 Condos
7 Land

Sold

Kohala:
36 Homes
12 Condos
4 Land

Kailua-Kona:
245 Homes
177 Condos
157 Land

For Sale

Kohala:
130 Homes
201 Condos
75 Land

Gretchen Osgood
Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner
Direct (808) 329-5667

Top 100 Agents in Hawaii – 2013 & 2014
Creative Advertising Award – 2012
Broker of the Year – 2010


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