Hard to imagine we are already into the second decade of this century! I looked back at my notes from way back in 2006 where I commented on the low interest rates (then 5.5%). Back then, lending was kinda like the “wild, wild west.” Just about anyone could get a loan. This is no longer the case, of course.
Then…
Comparing sales numbers between then and now, it’s interesting that only 78 homes sold in Hilo during the first quarter of 2006. The median sales price was $309,000. It’s interesting to note that today’s numbers across the board are much more robust than even the time considered the highest our market has ever been.
…and Now
Hilo sales during the 4th quarter of 2019 hit 110, which was even lower than the prior quarter. Interest rates are sub 4%, and we’re about as busy as we can be. Buyers tend to be end users who plan to owner-occupy. Island-wide figures show a 3.5% increase in sales numbers and about a 5.7% bump in pricing.
Puna pricing is only off less than 1% prior to the lava flow while the number of sales really didn’t change. One point of interest (not shown) is that the day’s homes are staying on the market in Ainaloa and Nanawale decreased significantly. There is still much more supply than demand across the board. This tells me that (overall) we will remain in a seller’s market.
Segments of the market may not respond to this demographic. For instance, homes at the higher price points in a given market may take much longer, and prices may soften.
What About Me?
Don’t see your market or don’t have a computer? No problem. We’ll happily provide a custom report by email or snail mail if you wish. Whether buying or selling, Team Nakanishi is always here to help!
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.
This information is believed to be accurate. It has been provided by sources other than the Realtors Assoc. of Maui and should not be relied upon without independent verification. You should conduct your own investigation and consult with appropriate professionals to determine the accuracy of the information provided and to answer any questions concerning the property and structures located thereon. Featured properties may or may not be listed by the office/agent presenting this brochure. Copyright, 1995-2015, REALTORS® Association of Maui, Inc. All Rights Reserved.
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