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Comparing the Numbers – East Hawaii Market Update

Normally, I try to compare the same quarter for 2 consecutive years, but I seem to have a gap in my data for 3rd quarter 2014. Alternatively, this look-back will compare residential sales during our most recent quarter to the beginning of this year and other significant points in real estate history.

Stats for 2015 ytd

Data source: Hawaii Information Service, the best MLS system around!

How Are We Doing This Year?

Hilo and Hawaiian Paradise Park (HPP) continue to be most active. The number of sales in Hilo increased while the median price of a home decreased a bit. Fifteen more homes went to closing this quarter as compared to last. The number of residential properties that changed hands in HPP almost doubled this quarter as compared to the first quarter of this year.

The numbers this quarter were exactly the same as the last. A real area of concern has been the lower Puna market. Those numbers are rebounding nicely. Even Nanawale, an area heavily impacted by both foreclosures and the threat of being cut off by the lava flow, is greatly improved. Leilani numbers are improving as well. Volcano Golf and Country Club is also an area that is really perking up.

How Are We Doing Since the Market Downturn?

Another way to gage the market is to add the number of properties under contract to the active numbers. This provides the total number of active properties. Multiply the number sold this quarter by 4. If that total is higher than the number of properties on the market, it indicates an improving market, which could turn to a seller’s market very quickly just as it did in 2005/2006.

Interestingly, looking back 10 years ago (nearing the highest point in the market), the median priced home in Hilo sold for $325,000. We are hitting that number with some consistency, but we are not yet approaching the 423 closed sales that happened that year. In my mind, this is a good thing. It means that while there are plenty of buyers out there, they are inclined to take their time and make a thoughtful purchase.

HPP numbers during that time were 308 sales with a median price of $287,500. Barring any changes, HPP will likely hit that median price before long. Foreclosures are dripping on the market and pulling the median down in HPP. This too will pass.

Team Nakanishi is always here to help. As always, we look forward to helping you live your best Hawaii Life!

About the Author

Denise Nakanishi

Denise Nakanishi is a REALTOR Broker with Hawai'i Life. Denise Nakanishi is one of Hilo's most acclaimed real estate agents. She reached the rank of Major in the US Army and is now known by many as "Major Mom." The nickname fits–not only does Denise bring the discipline and mission-oriented attitude you'd expect, she's also caring and compassionate, always looking out for her clients like they're her own family. Having made the Big Island her home since 1987, Denise combines her extensive knowledge of the area with a sharp focus on customer service and the results speak for themselves. She's the recent recipient of the Best East Hawai`i, Best of Zillow, Chairman's Circle Award, President's Circle, Top Producing Agent since 2001, and Realtor of the Year awards. Denise stays ahead of the curve because she's passionate about education–she served as Education Chair for Hawaii Island REALTORS® for many years. She's one of Big Island's best real estate resources, known for her weekly article in the Hawaii Tribune Herald. Denise leads Team Nakanishi for Hawai`i Life, who is committed to their family, work, and community. In her little time away from work, Denise is a committed runner and Grandy. She also devotes many hours to various Veterans' Organizations, the East Hawaii Cultural Center, and the Hawaii Island REALTORS®. You can email me at denise@hawaiilife.com or via phone at (808) 936-5100.

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