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West Hawaii Real Estate Update
January, 2013: Volume 10, Issue 1
Great close to the year as Kona came through with the extra sales that we needed to surpass 2011s’ sales. The overall count for the month was 89 putting us at a grand total of 876, 52 more than last year, which was 50 more than 2010… you can see the trend developing here. Slow growth but growth… yeah!
Overall pending contracts dropped to 184 as everyone was focused on the holidays, watch for this number to jump back over 200 in January.
House sales for the quarter were 31 under $500,000 with 17 above that value. There are 84 pending under and 21 over with the available inventory being 64 under and 81 over… so inventory is very limited in the lower range which is driving prices up, with the average price in the under range up 5% over 2011.
Interest rates are headed up too so if that dream house has eluded you so far you should pursue it in earnest now!
Luxury Real Estate
Luxury real estate in Kona in 2012 saw 89 properties change hands that were listed over $1 million. The most expensive property sold was for $13.8 million at Hualalai Resort… Kukio came in a very close second at $13.7 million, both homes were over 5,000 sf and on less than an acre of land.
The resorts accounted for 13 out of 46 house sales, with an average sales price of $7 million.
The highest non-resort property sold for $4.2 million and it was an in-town home on 6 acres with over 5,000 sf of living area.
The average house sale outside the resort was $1.4 million in 2012 compared to $1.2 million in 2011, an 11% increase.
All of the 24 condo sales were at Hualalai Resort with one exception at Kukio. The average price was $2.6 million and the highest sale was at Hualalai at $4.7 million.
In Kohala there were 16 homes sold for an average of $3.6 million with the highest sales at $9.9 million. There were 30 condos sold for an average of $1,5 million.
To discuss luxury in Kona/Kohala drop me an email!
Kohala Quarterly Update
Kohala’s sales did not rise to the level of 2011 but they gave it a good shot with 457 in houses, condos, and land. They were down overall 32 sales or 7%. I think most of this can be traced back to our lack of inventory.
House sales were 203 for the year down a few from 2011, but the average price under $500,000 went from $296,000 to $307,000 in 2012. That is a 3.5% price increase year–over-year… great news for sellers!
Condo sales were down from 232 in 2011 to 209 in 2012 but the prices under $500,000 really jumped back up to an average of $289,000, a 10% increase over last year.
Land sales were up slightly but prices dropped almost 10%… still too much inventory… rats!
Notes From Gretchen
Well it looks like it will be a banner year in 2013… we already have closed 8 properties in the last 7 days… yeah!
As 2012 finished up it saw 454 residential real estate agents in Kona/Kohala… wow, that is a lot to chose from! But out of all those agents only 4 sold 30 or more properties.
Why does this matter? Because agents that sell that much real estate have a better understanding of marketing and negotiating and are more experienced.
I was again honored to be #1 in residential resale transactions in 2012.
My Favorite Things…
I work with a lot of vendors on behalf of my clients as we fix up and repair properties or search for furnishings for new ones… here are two of the good guys and gals to work with:
Out On The Town
Well we had a winner the first day but not as many responses… the holiday’s must have had all of you distracted to not guess that it was Waipio Valley in the background and we were on the always fabulous Ride the Rim four-wheeler tour… congrats Tim for being the winner!This month we are trying a little tougher one… you will have to put your thinking caps on for this since we took out some obvious landmarks so as not to make it too easy… but there are a few left… like it is right on the water somewhere in the Hawaiian Islands. The first email with the name of the island and restaurant wins the $20 Starbucks gift card! For those friends that already saw this photo or heard the story… sorry you aren’t eligible this month… good luck to all you non-realtors out there!
Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Broker of the Year – 2010
Direct (808) 329-5667
75-170 Hualalai Road, D-115
Kailua-Kona, Hawaii 96740