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West Hawaii Real Estate Update: May, 2013

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Testimonial

“We would like to thank you for the excellent work you did in selling our condo. Your responsibilities not only included selling it but renovating and staging it and in the end you were able to get a sale quickly… without us ever leaving our California home! The final selling price was more than we hoped for! Thank you!” Ray & Mary Basso

Read more of this great testimonial on my website!

West Hawaii Real Estate Update

May, 2013: Volume 10, Issue 5

Kona real estate has really started to take off! Buyers and sellers don’t realize that the last few months it has flipped from a buyer’s market to a seller’s… and the prices of last year are history because of it!

Sales for April saw 81 residential properties sell, listed in all price ranges, so now we only have 350 fee simple ones left. When you look at how many are under $1 million, that leaves us 197, and when you go to under $500,000 we only have 123.

Then if you only want a house or a condo you have the following choices under $500,000: 33 houses and 90 condos. Wow, not much in houses! The make up of the houses is 3 listed in the 200’s, 13 listed in the 300’s, and 17 in the 400’s. Average/median price is $400,000.

Sellers, it is a great time to sell with little competition, so call today for your free market analysis! Buyers, hurry to make sure you don’t get priced out!

Economic News

  • American Savings Bank is getting close to completing their new building at Palani and Kuakini Hwy.
  • Hawaii Radiologic’s building is coming along and is almost kitty-corner to the ASB building, sitting up on the old Ranch House site.
  • St. Michael’s Catholic Church’s rebuild is slowly grinding along. With only one piece of equipment working on 2 acres it will probably take a REALLY long time to finish.
  • Holiday Inn is furiously grading away over on its tiny parcel off of Kuakini and Hualalai Road. I counted 7 pieces of equipment there one day last week.
  • Lanihau Properties has started crushing rock out at its site by Costco on the highway.
  • The long proposed and tortured highway expansion was delayed again until this September… just in time for Ironman!
  • Work on Kaiminani Road has a huge crew repaving… difficult now but great when they are done!

Notes From Gretchen

As May is drawing to a close, the intensity of the last few months is pulling back a bit and giving us a breather… yeah!

Just in time to rev up for the end of summer and fall selling season that should hit with a vengeance, as the buyers realize they are getting priced out of the market in both interest rates and property prices.

As of today my little office of 3 selling agents is in the top 10 for transactions in Kona, I’m personally ranked number 2. This insures we know the market very well and can help you with any real estate questions you might have… email today!

Kona Residential Inventory Under $1 Million

Even though we are barely into the second quarter of 2013, the inventory shift was so dramatic I wanted to show it to you. Note… we have fallen under 200 houses/condos!!!

Kohala Update

Kohala sales in April closed with 53 overall, a leading month for 2013 and the first time since May of 2011 that they have crossed over the 50 unit threshold… yippie!

The overall inventory continues to drop as well… down 50 properties just since January alone!

Pending sales are running at close to the highest levels in recent years, so the next few month’s closings should bode well.

Year-to-date the average sales price for residential listed under $500,000 is up 9.5% over the same time last year, and the median days on the market is down to 46 from 76.

If you are thinking that now might be the time to sell, email me today for a free market analysis of your property.

Out On The Town

Well you all enjoyed seeing me risking life and limb out at the Kohala Zipline in Kapaau! They are famous for their tree platforms since all other providers on the island use metal ones I’m told… it was really something to feel the trees swaying in the wind while you are perched on the platform 30 feet in the air! No winner this month so guess I’ll have to stick to one word answers from here on out!

This month’s photo was taken at a wonderful weekday evening concert with Paula Fuga out in Kohala… who can name this fabulous roofless musicquarium where we enjoyed an evening under the stars? Win a Starbucks gift card if you are the first correct answer… as usual you have to not be a Realtor or family/friend… thanks for playing!

PS. She is a fabulous folky blues artist… listen to her by clicking on this link!

Market Snapshot

Closed in
April, 2013

For Sale in
May, 2013

Kailua-Kona:
42 Homes
39 Condos
15 Land

Sold

Kohala:
28 Homes
20 Condos
5 Land

Kailua-Kona:
198 Homes
152 Condos
223 Land

For Sale

Kohala:
114 Homes
116 Condos
95 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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