Sales Statistics Show Impressive Price Gains For Several Hawaii Neighborhoods in 2014
A few weeks ago, the sales numbers in the districts of East Hawaii, and Hawai’i Island overall, clearly indicated that the market continues to improve. Sales data from a neighborhood near you will likely follow the same trend. In fact, some neighborhoods showed huge gains in prices.
Most Impressive Gains
Let’s take a closer look at the stats in the table above. The most impressive gains occurred in HPP, Pacific Paradise Gardens, and the three subdivisions located to the left of the highway near Volcano Village (Royal Hawaiian Estates, Mauna Loa Estates, and Ohia Estates).
In fact, closed sales in each of these areas increased around 50%. Leilani showed marked improvement while Nanawale is definitely still struggling. Hilo showed a small (and probably insignificant) decrease. Sales numbers remained basically stable across the board.
Remember, comparing a single quarter of one year to the corresponding quarter the next is only a small sample of the market. Looking at a benchmark someplace in the middle (2nd as a placeholder) are areas where data was not tracked prior to 2013 because activity was so slow. All prices shown are median prices. Remember, other factors such as decreased inventory definitely impact sales statistics.
Significant Trends Not Shown
Not shown are significant trends we are beginning to experience in a big way. Condo sales, which have languished for years, are showing a decrease in days on the market. This indicates stabilization and improvement. The residential segment over $500,000 is a price point that for years was a definite challenge.
There have been 8 sales over $500k in Puna including one sale at $799k not on the ocean in HPP. Hilo has had 9 sales during the 1st quarter. Properly priced properties are experiencing brisk showing activity and strong sales. Interestingly, there have been 5 sales over $1,000,000 in East Hawaii since 2013.
What’s Happening in Your Neighborhood?
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While our market isn’t back to values and activity levels of 2005 (which is probably a good thing), things are definitely improving in the neighborhoods of the beautiful East side of Hawai’i Island!
Data obtained from Hawaii Information Service