Top Menu

West Hawaii Real Estate Update: May 2016

To receive our monthly newsletter, please Click Here to enter your mailing address.

View our Archived Articles Here

header

Testimonial

Thank you Gretchen for giving us very accurate advice on the market and on pricing. Your insights got us an offer within 2-3 days of listing, and to the close of a complicated deal, while other comparable units remain unsold. We are so glad you were our realtor and for staying the course.

 

Matt and Joan Platz

Read more great testimonials on my website!

West Hawaii Real Estate Update

May, 2016: Volume 13, Issue 3

Contrary to some headlines recently in Pacific Business News, condo prices have not risen 36% in the last month in Kona for regular condos. Statistics can be interesting but when doing pricing make sure you take a look at properties priced under $1 million if that is what you are comparing it to since we have so much super luxury on this island.

If you take January through April under $1 million for 2015 you get a median price of $244,750. If you take the same range in 2016 you get $275,250. That is an increase, but it is not as sensational as a few sales that skewed just April’s numbers. The increase is roughly 11%, a huge plus for condo sellers in Kona.

Condo transactions have also been on the rise since coming out of slow start for 2016.   There have been 40 properties closed each of the last two months narrowing our gap for the year. There were 144 sales year-to-date in 2015 and 137 in 2016 so far.

hula-girl-ivory back

Notes from Gretchen

As our winter season winds to a close we still don’t have a clear picture of where we are headed for the summer. I think sellers have gotten overly confident in their pricing leaving properties to linger on the market and causing our sales and pendings to slack off some this winter.

There is a sense that sellers can price their properties as to what they think should work versus what the market is telling them it will accept. I would say, the buyers are being patient and waiting for the sellers to get realistic. So we have a good old fashion stand off… may the best man win!

 

Kona Condo Sales Listed Under $1 Million

After months of sluggish sales, condos finally seem to have found their footing in Kona in March and April.

 

Economic Update

  • Hawaiian Airlines won the right to start direct service to Tokyo to Kona this past week… score one for Kona! Three flights a week will start up as early as October.
  • Queen K bike lanes that were realigned a year ago and made havoc out of trying to pull on to the highway have been put back to their original configuration… wow, finally!
  • Texaco just bought out all of the Chevron stations and their refinery… all employees will be offered continuing jobs with Texaco… this will be different, I don’t think we have any Texaco stations on the island.
  • Ikea… thought you couldn’t get their stuff here, right? Think again! There is a whole company that just ships Ikea stuff here… search www.Haul2HI.com an see what your options are.
  • Dengue… seems to have waned… not much news about it these days and I’m sure the drought helped!
  • A recent employment report for 2017 predicts a statewide increase in overall employment by 2.9% or 20,000 new jobs.
  • Mokulele Airlines is really taking… to Southern California! Hard to believe our little airline has sprouted big wings (and new planes) and will start flying into LAX and Imperial County this month!
 

Furniture Options

For years our furniture options have been limited…Kaloko Furniture, C.S. Wo, Island Collections, and Statements.

Well I have found a new gem for you to check out! Sofas and More in the old industrial area will custom make couches in 8 weeks or they can make your old couch look brand new. John and Pat are great to work with and they know their inventory very well. I needed extra firm seating on my sofas and they were able to change out the foam they ordered to make my selection work perfect for me… call them today!

Sofas and More: 808-326-1966

Market Snapshot

Closed in
April, 2016
For Sale in
May, 2016

Kailua-Kona:
38 Homes
40 Condos
13 Land

Sold

Kohala:
24 Homes
31 Condos
5 Land

Kailua-Kona:
266 Homes
211 Condos
175 Land

For Sale

Kohala:
125 Homes
238 Condos
80 Land

Gretchen Osgood
Hawaiian Isle Real Estate, LLC
Realtor(B)
Principal Broker/ Owner
Direct (808) 329-5667

Top 100 Agents in Hawaii – 2013 & 2014
Creative Advertising Award – 2012
Broker of the Year – 2010


 

This newsletter is available via monthly email. Visit my website to subscribe.
Search all available Big Island homes online at http://www.hawaiirealestatedreams.com/