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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.
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.
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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
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Direct (808) 329-5667
Top 100 Agents in Hawaii – 2013 & 2014
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