CoreLogic^® reports the highest ever yearly price/value increase for all classes of real estate since they first started accumulating data in 1976, for the month of July 2021-18%.  Hawaii Island Real Estate continues the same trajectory.  See the stats highlighted below for emphasis.  I’ve always contended vacant land will be the last class of Real Estate to BOOM as buyers opt to build their dream homes versus buying a resale offering.  Our market is forcing the “Buy a lot and build a house”  option as there is very little speculative and resale home offerings being offered-see the stats highlighted in RED!  Fewer transactions tend to skew the monthly comparison stats but the Year Over Year stats tell the story!!!

Hawaii Information MLS Highlights:

August 2020 VS August 2021 Transaction Stats

Island Wide:

• 22.55% Increase in total number of transactions
• 33.86% Increase in Vacant Land transactions
• 38.46% Increase in Condominium transactions
• 9.13% Increase in Residential Transactions

 

South Kohala

• 45% increase in Residential Transactions
• 12.5% increase in Vacant land Transactions
• 0% increase in Condominium Transactions

 

January-August Year over Year Comparison 2020 VS. 2021 Transaction Stats

Island Wide:

• 65.59 Increase in total number of transactions
• 89.85% Increase in Vacant Land transactions
• 101.64% Increase in Condominium transactions
• 36.83% Increase in Residential Transactions

 

South Kohala

• 36.08% increase in Residential Transactions
• 63.79% increase in Vacant Land Transactions
• 96.10% increase in Condominium Transactions

 

August 2020 VS August 2021 Median Sales Price Stats

Island Wide:

• 26.5% Increase in PRICE
• 110% Increase in Vacant Land PRICE
• 5.26% Decrease in Condominium PRICE
• 15.03% Increase in Residential PRICE

 

South Kohala

• 52.63% increase in Residential PRICE
• 6.42% increase in Vacant land PRICE
• 2.94% increase in Condominium PRICE

 

January-August Year over Year Comparison 2020 VS. 2021 Median Sales Price Stats

Island Wide:

• 54.34% Increase in Vacant Land Median Sales Price
• 24.30% Increase in Condominium Median Sales Price
• 20.51% Increase in Residential Median Sales Price

 

South Kohala

• 33.66% Increase in Residential Median Sales Price
• 1.64% Decrease in Vacant Land Median Sales Price
• 26.73% Increase in Condominium Median Sales Price

 

Corelogic Loan Performance Highlights:

• In June (2021), U.S. Foreclosure Rate Fell to Lowest Level in More Than 22 Years.
• The nation’s overall delinquency rate was 4.4% in June.
• The serious delinquency rate fell to its lowest level since May 2020.

Link:  https://www.corelogic.com/intelligence/loan-performance-insights/

 

Corelogic^® Home Price Index

• S. Home Price Index Annual Growth Reaches All-Time High.
• National home prices increased 18% year over year in July.
• Appreciation for detached properties was nearly double that of attached properties.

“The July 2021 HPI gain was up from the July 2020 gain of 5.3% and was the highest 12-month growth in the U.S. index since the series began in 1976. The increase in home prices was fueled by low mortgage rates, low for-sale supply and a rebounding economy. Projected increases in for-sale supply and moderation in demand as prices grow out of reach for some buyers could slow home price gains over the next 12 months.”

Link: https://www.corelogic.com/intelligence/u-s-home-price-index-annual-growth-reaches-all-time-high/

Additional Information For This Article ( for PDF download)

• Corelogic Delinquency report August 2021
• 2021-Q2 Stats plus 2020-2021 Sats YOY
• MLS August 2021 and YOY stats
• U.S. Home Price Index Annual Growth Reaches All-Time High

Written by Rick Oliver on September 16, 2021
Posted in: Blog, Features, Real Estate |