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“Thanks to Gretchen I am now the proud owner of a beautiful home with a sound structure, updated amenities, and an incredible view of the coast. She demonstrates excellent skills in the areas of communication, negotiation, and time management. I was kept informed every step of the way. I highly recommend her. “
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West Hawaii Real Estate Update
March, 2015: Volume 12, Issue 3
Kona sales had another good month, the highest for February in ten years in overall house, condo and land sales at 85. This followed a January with the same recent high making for a strong winter market so far in 2015.
House sales weakened to 28 when they should have been around 40 and the thinking is still that the rising prices have dissuaded buyers from moving forward. Land sales appear to tell that story with 22 closings in February, meaning buyers are reverting to building when they can’t find what they want already built and at the price they want to pay.
Condo sales were strong at 35 which is a common for this time of year since they are a favorite of our snowbirds.
Notes From Gretchen
Every day I speak to or email someone who is moving to Kona. I can’t believe what a huge uptick of new arrivals we have these days! Some are coming just to live but most are accepting job offers, typically in construction or the medical field.
The face of Kona is changing and like all change it is subtle at first but eventually it has a big impact. When the recession hit in 2009 a lot of the newer people left, leaving an abundance of rentals and homes for sale.
So although this influx appears to be good for Kona, bringing people with new skills and fresh ideas, in the end it may be short-lived.
Kona All Cash Sales 1991 through 2015
Land sales play a big part in this very strong cash market, out of 37 sales in 2015, 30 of them were all cash, or 81%.
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State Economic Report
University of Hawaii researchers say 2015 will look a lot like 2014, and that was a good year for us. Marginal gains in tourism are expected, steady improvement in the labor market and moderate income growth are predicted.
Tourism in 2014 had a record year posting a 1% gain in visitor days in the islands. New flights to Honolulu and Oahu will help this number. Because of the 50% increase in hotel room rates from the depth of the recession on Oahu, they believe most of the tourism growth will come from the neighboring islands where room rates are substantially less. Great news for vacation rentals!
Hawaiian Isle Real Estate, LLC
Direct (808) 329-5667
#1 in Kona Transactions – 2013