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“ I don’t know what I would have done without Gretchen! She was great and just kept pushing that paperwork until she closed my short sale. I would highly recommend her for your real estate needs and I would not hesitate to call on her when looking for a real estate agent. Thank you so much, Gretchen!” (read more)
LaVonne Harrison, retired Realtor
West Hawaii Real Estate Update
May, 2010: Volume 7, Issue 5
Yet another great month for sales in Kona! With 78 total for May and April’s revised 82, our quarter now stands at 160 putting us solidly on the path to having the best quarter since mid ‘06! I think we could have 700 sales this year, which might not sound like much, but that would be almost 200 more than ‘09 and ‘08.
House sales dropped to 34 but there are still 100 pending, so we still have a strong trend. Inventories dropped by only 3.
Condos surged with 32 sales, the highest month since ‘07. They are still holding steady with pending sales in the 70’s, so look for another good month in June. Inventories dropped substantially by 19 to 265, the lowest since ‘05!!!
Land sales… what can I say except they had another stellar month with 12 sales… again. That is back-to-back double digit months something we rarely see with the last time being in ‘06. The sales include two luxury lots but were mostly regular building lots of various sizes. Inventories went up slightly, but given how much land we have sitting, I think that will be ongoing for awhile.
Kohala had its 3rd month with 32 sales, escrows are over still 100 and inventories increased slightly.
Luxury Real Estate
After April’s stellar closings, luxury sales in Kona were down to 5 for May, however, if you look at them year-over-year they are phenomenal. Sales transactions listed over $1 million are up 314% year-to-date with 44 for ’10 and only 14 for the same time last year. When you compare the $154 million gross dollar volume so far this year and only $28 million in ‘09 it is up 550%. The highest sale so far this year is $14.5 million compared to $5.8 million in ‘09.
Kona inventories are down again for the 5th consecutive month. They finally fell below 200 for the first time since early ‘09 when two high-end resorts joined the MLS and added their existing inventory thus inflating our numbers to new highs not previously seen.
Pending sales are still in the low double digits but have dropped from their recent highs in the 20’s indicating that the summer months may see some slowing in sales.
Kohala is holding steady on the low-end of sales with 3 for the second month in a row. They, too, are doing better year-to-date with a 37% increase over last year to 22 sales vs. 16. In gross sales dollars, they are also up 28% to $50 million with the highest sale of $12.9 million.
Inventories are up slightly and pending sales are steady with 8.
To find out more about this market call or email me today!
North Kona Sales— YTD—January thru May
(Click on the images below to view in a larger format. Click on the enlarged images to return to this screen.)
South Kohala Sales— YTD—January thru May
Notes From Gretchen
A picture is worth a thousand words and this month’s graphs speak volumes. We are doing really well when compared to our recent history. I loved it so much that the online and email version of this newsletter also have a Kohala year-to-date graph.
Gross sales dollars year-to-date in Kona show some interesting trends. House sales were $152 million, a 174% increase over ‘09. Condos were $49 million up 75%. Land sales worth $48 million have taken place in so far in ‘10, up 609%!
South Kohala experienced an upward trend but not nearly as substantial, houses $43 million up 8%, condos $35 million up 74%, and land $15M up 58%.
As Seen in the News
Gretchen L. Lambeth
Hawaiian Isle Real Estate, LLC
Office (808) 329-5667
#1 Residential Resale Transactions from Keauhou to Hawi in 2007 & 2008!
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