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Big Island

Is Madame Pele Affecting Home Sales? Round Up for 2014

4th Q reports

**Figures are from 2nd qtr 2104, none available for 4th qtr 2013. Figures in table compiled by Denise Nakanishi using data from title company statistics

The Answer is No…

Those of us nervous about the effect of Madame Pele’s visit on the East Hawaii real estate market will find many of these statistics interesting. Most areas, as well as the island, remained very stable. The number of residential and vacant land sales island-wide decreased ever so slightly.

Condominium sales actually soared. Sales prices for residential properties increased about 7% (Hilo 7%, Puna 8%), while vacant land prices slid a bit (3.8%). One very positive change can be noted and that is in the median price of a Hawaiian Paradise Park (HPP) under contract home.

And Yes…

Ainaloa and Nanawale are likely suffering from the “Pele” effect. Inventory is up and the under contract price has declined. As Pele’s fingers continue to spread over much of lower Puna, so goes market activity. Sales numbers and sales prices in Leilani seem to be on the decline. There were half the number of sales this past quarter as during the final quarter of 2013. In fact, the last Leilani closing occurred on Oct 30, 2013.

And Maybe…

There were 69 sales in Lower Puna during 2013 and 72 during 2014. But with only 5 properties under contract, sales appear to be stalling. Not surprisingly, Volcano corridor sales are doing well. Sales in Pacific Paradise Gardens, the Royal Hawaiian Estates area, as well as Volcano Golf Course seem to have picked up. I suspect areas such as Hawaiian Acres, Fern Acres, and Fern Forest are active as well.

What’s Happening in Your Neighborhood?

As always, if you want to know what’s going on in your neighborhood (even if you are just a little nosey) sign up for a personalized market snapshot. Don’t do computer? No problem. Just give us a call. 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.

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Heidi White, R(S)

January 13, 2015

Very interesting Denise! I could see from here that Puna residents are going to be buying homes in the preferred areas in Hilo if they can qualify. Rentals are unheard of. My heart goes out to those Puna families with work or kids going to school in Hilo when Pahoa roads are covered. We all hope the flow will stop. But your work continues. Find them affordable homes. Thanks again. Good work!

Heidi White, R(S)

January 13, 2015

Very interesting Denise! I could see from here that Puna residents are going to be buying homes in the preferred areas in Hilo if they can qualify. Rentals are unheard of. My heart goes out to those Puna families with work or kids going to school in Hilo when Pahoa roads are covered. We all hope the flow will stop. But your work continues. Find them affordable homes. Thanks again. Good work!

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