Of course, as agents, we receive a ton of information and prognostication from real estate “experts”, lenders, economists….you name it. Most of what we are hearing now focuses on supply and demand and the fact that prices are really not going down because supply is still constrained.
For sellers sitting on a sub 4% interest rate, it doesn’t make a lot of sense to sell without a place to go. Listings are slow coming on the market making it imperative for buyers to watch new inventory like a hawk. Interest rates are coming down (yippee!) but finding what you love should be the decision driver. Have your agent set you up to receive information about new listings as soon as they are released. Prefer to search the old fashioned way? Our MLS is Aloha Living. Don’t use a 3rd party search provider. They are often inaccurate.
Area #Active/ #Sold/ #Under Contract Projected #Active Qtr4 #Sold/Med Sold $ Med Active $ Med Sold $ Med $ Under Demand 2022 2022/Med $ 4th Qtr 2022 Qtr 4 2023 Qtr 4 2023 Contract Qtr 4 2023 Currently Avail
S. Hilo 72/850000 81/550000 32/490000 324/104 60/697000 67/525000
HPP 61/598000 39/365000 42/454750 156/103 66/525000 71/490000
Ainaloa 29/365000 39/365000 11/365000 156/40 22/525000 41/335000
Leilani 14/361839 11/325000 3/149000 44/40 9/349000 4/337500
Nanawale 14/280000 7/224000 2/196500 28/31 14/297000 5/200000
Mauna Loa Est, 14/464667 17/339334 17/254634 68/31 14/256530 7/310740
Royal Hwn, Ohia
Pacific Paradise 2/427250 1/325000 1/320000 4/3 1/250000 5/362,000 Gardens
Volcano Golf & 1/625000 4/517450 1/689000 16/2 1/549000 3/460000 Country Club
I was surprised to see how robust the market still is. The projected demand extrapolates the current quarter sales while adding active and under contract listings to determine if demand is still outpacing supply. It’s a theoretical number for sure but it certainly indicates market direction. For now, it looks like pricing is not going to recede for a while. Looking back to 2021, there were 111 active listings in Hilo and 79 in HPP. These numbers help put the change in supply numbers in perspective even more. Here’s wishing you a very Happy New Year!
Don’t see your neighborhood here? Let a member of Team Nakanishi know and we’ll get you information you in two shakes. Mahalo plenty for visiting me here each week and for always considering Team Nakanishi for your real estate needs! Thanks to Hawaii Information for the data included here.
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