COVID19 UPDATE
Big Island

First Quarter Sales on the Big Island

But for the constant political drama, I’m convinced we’d again be hearing more about what Freddie Mac is predicting will be a “Golden Year” in housing**.

Island-Wide Sales Statistics for the First Quarter This Year

1Q2016

Statistical data courtesy of Hawaii Information Service, the best MLS system ever!

In fact, 2016 is predicted to be the best year since 2006, which as you may recall, was the year home prices and activity hit an all-time high. That’s huge!

Home prices nationwide increased about 6% in 2015. Expectations are a bit more modest this year, but the market is certainly more active in most segments. Momentum is expected to continue through 2017.

When you look closely at the chart, you’ll notice island-wide residential pricing actually decreased, yet prices in most of East Hawaii increased. This means that West Hawaii (including Ka’u) is pulling island-wide statistics down.

Puna & Hilo Residential Sales Activity is Up…Way Up!

Condos in Hilo are still a bit undervalued in my opinion. I am told that the condo market in the resort areas (Kohala) is also very soft. Oceanfront homes in Puna offer another great opportunity. These are probably among the best oceanfront values in the state.

Mealoha and I recently returned from the mainland. We saw cranes and construction everywhere. In Miami alone, there are about 138 new high-rise buildings under construction. Likewise, at home, we haven’t experienced the current level of construction activity in years.

Although there was a quarterly sales pricing decrease, I don’t think the trend is going to continue. With 549 homes changing hands in the first 3 months of the year, we are certainly seeing our fair share of sales. In fact, comparing March 2015 sales to March 2016, there was actually a 37% increase in residential sales island-wide.

Puna residential sales were up a whopping 74% and Hilo sales numbers were up 40%. Even new construction can’t keep pace with that demand. Lower supply and consistent demand means higher pricing will follow.

Fence sitters should get off the fence and act while interest rates and supply are still good. Interest rates to remain low through at least the first half of the year and probably until the elections. After that, we shall see!

**Realtor Mag Apr 1, 2016.

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.

Comments (0) Show CommentsHide Comments (Remember)

Cool. Add your comment...

Your email address will not be published. Required fields are marked *

Leave your opinion here. Please be nice. Your Email address will be kept private, this form is secure and we never spam you.

More Articles from Hawaii Life