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West Hawaii Real Estate Update
November, 2015: Volume 12, Issue 10
Kona sales have slowed as is seasonally expected. Just 68 properties closed in October down from a high in May of 99. Land sales slowed to single digits.
House sales are holding steady and are up substantially over last October’s sales. Condos have had two very slow months, dipping into the 20s for the first time since last fall, so winter season can’t get here fast enough for condo sellers.
Last fall we saw a dip in pending sales in September but that was attributed to low inventory. This year we are seeing declining pending sales and the inventory is up. It will be interesting to see what our winter buyers think of the prices of this year’s inventory.
Cash sales, an indicator of the strength of the market, has slipped below 50% to 48%… Not huge but watch for a trend here in the future since lending is picking up.
If you are interested in buying or selling, call me to discuss.
Notes from Gretchen
Some of you astute newsletter aficionados may have noticed you didn’t receive an October edition… my apologies! I’ve
Kona is crazy busy these days… hard to get a gardener,
I hope your holiday is filled with family, fun, and food… aloha!
This is one of the best articles on how to select an agent. Below is the heavily condensed
5 Traits to Look for in Your Agent
Creativity–Some transactions go precisely as planned, others get messy. Whether your transaction will be easy-peasy or uber-messy, you cannot know until you’re in it. When agent-hunting, it behooves you to look for someone who has the experience and creative problem-solving skills to help you methodically think through the facts, surface alternatives, propose solutions and engineer obstacle workarounds—just in case the going gets tough.
Deep, varied expertise–Buying or selling a home is much more of a lifestyle design experience than it is a financial transaction, truth be told. To do it with results that work well for yourself, your family and your finances for the duration, you need an agent who’s an eager partner with you.
Calm resilience–When you lose out on a home to other offers, it can feel like the end of the world. When you list your home, stage it to the nines, and not a single offer is forthcoming, feelings of discouragement, frustration and even depression can easily arise. In both cases, it’s easy to delve into fear (fear that you’ll never get the home you need, or will never be able to move on to the next stage of your life) or paralysis (freezing up because you just don’t know what to do – period). (Part 2 next time.)
Kona Sales by Year by Quarter Through October 2015
Sales in 2013 outpaced those in 2014, and now it is a race to see if 2015 can top either one… just like in football, it is a 4th quarter push to get to the win… stay tuned!
Keauhou Punahele D202
Live the resort lifestyle from this bright and spacious Keauhou Punahele condo set on the quiet end of Alii Drive. This residence is defined by its many windows that welcome Hawaii’s sunshine and a view of the pool. The unit is beautifully maintained, fully furnished and it’s priced to sell. You don’t want to miss this one!
Keauhou Punahele a is a peaceful, condo community on the quiet end of Alii Drive in Keauhou. Brilliant tropical foliage, a large pool, a hot tub and abundant parking are among the highlights. A two-minute drive separates this complex from gorgeous beaches, high-end hotels and shopping. Yet, Punahele enjoys the tranquil, resort lifestyle Keauhou is known for.
Pacific Business News had a multiple page article on the housing shortage in the state of Hawaii recently. The number of homes they say the Big Island is short of in the next 10 years is… 19,610!
Now mind you some of that is on the other side of the island but lets just say half are needed in West Hawaii. That would mean we would need to build roughly a 1,000 new housing units a year to keep up or demand will outstrip supply by a huge margin.
To date we haven’t had any new developments break ground other than in the resorts to meet this huge demand… hmmm.
Hawaiian Isle Real Estate, LLC
Principal Broker/ Owner
Direct (808) 329-5667
Top 100 Agents in Hawaii – 2013 & 2014