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West Hawaii Real Estate Update: July, 2013

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Testimonial

“Gretchen was a pleasure to work with. She was responsive and thorough with all the necessary paperwork. Our home purchase was a smooth process. Thank you!” Robert & Serena

Read more of this great testimonial on my website!

West Hawaii Real Estate Update

 July, 2013: Volume 10, Issue 7

June was one for the record books! We surpassed 100 for the first time in 7 years, closing with 113 houses, condos, and land sales. With 529 sales year-to-date (up 17%) we are on track to close over 1,000 properties in 2013… way up from 881 in 2012.

Houses led the way with 61… a far cry from January 2009 when we had only 7 closings. With 109 pending sales, July should be a good month as well.

Condos had a solid month with 37 sales but this market has moved dramatically in price point in recent months. Watch for a transition from investors and second home buyers to ones who have been priced out of the housing market. Pending sales are strong here as well with 90, one of the highest numbers we have seen in ages.

Buyers… interest rates are rising rapidly and prices are up 13% since January for residential under a million. Don’t wait, email or call today to get your piece of paradise!

Economic News

  • Visitor arrivals increased 3.7% year over year in May but spending was flat at just over a billion… yes, that was a billion bucks spent by visitors in Hawaii in one month… flat doesn’t sound so bad when you put it that way!
  • Incentive travel, where people come for conferences or awards is growing! Up 55% for the first 5 months of 2013.
  • Incentive guests for May:
    • International increased 287.5%
    • Japanese up 572.7%
    • US up 3.5%
  • International visitor arrivals were 190,892 or a 12% increase over last May. One of the fast growing segments of our tourism market right now.
  • Domestic arrivals totaled 450,719 or a 1.4% increase over May 2012.
  • Our West Coast guests out spent their East coast counterparts $350 million to $294 million in May.
  • Bed & Breakfast establishments are happy; visitors stays are up 20% from this time last year!

Notes From Gretchen

We did it again! Every year since Hawaiian Isle started we have made the Pacific Business News’s list for Top 50 Real Estate offices in the state. We are honored to be ranked 45 out of the hundreds and hundreds of offices in the islands this year. Thank you to all of our loyal clients who refer us to their families and friends!

June was an amazing month for closings as we wrapped up sales from the winter selling season. Our little office closed 10 transactions for almost $4 million… wow!

Real estate is really taking off in Kona!

Kona House Sales 2nd Quarter 2013

There were only 5 houses for sale under $300,000, plus 16 from there to $400,000, not enough to satisfy the market. Watch for increased sales over that in the coming months.

Kohala Update

Kohala is the little train that could this year… although its sales haven’t been spectacular like Kona’s, it has added a few to its overall totals each month culminating in the 2nd quarter being one of the best in years.

Although a touch shy of the half-way point of sales last year, inventories have continued to fall limiting some buyers’ options. Houses listed under $400,000 now only have a little over a month’s supply… wow! Second quarter saw 36 house sales under $400,000, and there were only 15 available at the beginning of July.

Condo inventory is a little better with a three months supply under the $400,000 range.

Pending sales are strong with 134 houses, condos, and land.

Out On The Town

Congrats to Paul Griggs… long time newsletter reader and monthly guessing game player who captured the coveted first place response in June! The Mauna Kea Hotel is the host of the annual Big Island Jazz Festival that we had so much fun at!

Today’s photo shows me and one of my newest agents working a monthly Kona event… lots people, lots of vendors… and lots of food and fun to be had! Name this event and win a Starbucks gift card… as usual, family and other Realtors aren’t eligible to win but always welcome to play… aloha!

Market Snapshot

Closed in
June, 2013

For Sale in
July, 2013

Kailua-Kona:

61 Homes
37 Condos
15 Land

Sold

Kohala:

22 Homes
14 Condos
6 Land

Kailua-Kona:

196 Homes
133 Condos
194 Land

For Sale

Kohala:

103 Homes
106 Condos
83 Land

Gretchen L. Lambeth

Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner

Direct (808) 329-5667

WHAR Creative Advertising Award 2012
Broker of the Year – 2010

75-170 Hualalai Road, D-115
Kailua-Kona, Hawaii 96740

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