Continued Positive News For Sellers!! The Island of Hawaii real estate market continues to churn out sales in lessor numbers and volumes than 2019 but Median Sales Prices have not declined, Year over Year, for the first 11 months of 2020 despite the virus pandemic which is limiting travel by buyers and sellers to Hawaii. This is positive news for sellers!  Buyers have less to choose from and prices have firmed up. Sellers usually start listing their properties when they arrive for the winter season which is forthcoming soon in January. This could increase inventories which could quell the issue of low inventory-maybe not. There are still plenty of buyers seeking quality homes and condominiums as mainland markets have become over valued-see the Corelogic Report. Compared to the 2007 market peak on the Kohala Coast, most resort condominiums are still selling below these values. Adjusted for inflation, they are selling way below these prices. Sellers who choose to sell to the limited number of buyers in the market are not expe...

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Positive News For Sellers!! The Island of Hawaii real estate market continues to churn out sales in lessor numbers and volumes than 2019 but Median Sales Prices have not declined, Year over Year, for the first 9 months of 2020 despite the virus pandemic which is limiting travel to Hawaii. This is positive news for sellers! Sellers who choose to sell to the limited number of buyers in the market are not experiencing any price declines. It is a seller’s market in the resort areas for condominiums +/-$1m. If you do not read past this point in my blog post, look at the Year over Year stats for South Kohala. All classes of Real Estate median sales prices are positive. Check out the South Kohala Land sales stats, they are extremely positive. I have always said to my clients that South and North Kohala land is a bargain and it looks like it is finally due for a positive run. Typically this signals that buyers are not finding value in already constructed residential product and they buy land in order to build and create value for the...

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Positive News For Sellers!! The Island of Hawaii real estate market continues to churn out sales in lessor numbers than 2019 but Median Sales Prices have not declined, Year over Year, for the first 8 months of 2020 despite the virus pandemic which is limiting travel to Hawaii. This is positive news for sellers! Sellers who choose to sell to the limited number of buyers in the market are not experiencing any price declines. It is a seller’s market in the resort areas for condominiums +/-$1m. If you are reading this and want to discuss listing your property for sale, I look forward to hearing from you!! Summary Report: Island Wide The month of August, 2020 and first 8 months of 2020, year to date median prices are generally positive for home and condo values even though unit volume and sales volume are down compared to 2019. August 2020 Condominium median sales prices for the month of August 2020 compared to August 2019 were up +46.15% and +11.35% for Homes. Vacant land was down -10.83%. These median sales prices are positi...

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The May 2020 real estate sales market showed the full effect of the Covid-19 virus pandemic on Hawaii Island real estate sales and the positive June stats show the recovery off the May bottom. This is primarily because May closed sales were booked in March and April after the shelter in place, 14-day visitor quarantine and Short Term Vacation Rental ban were all in place. All negative for buyer and seller psychology. The June sales show the effects of multiple positive developments including the State’s lifting of local inter-island travel restrictions without quarantine and the announcement that as of August 1, out of State travel would be allowed without 14-day quarantine with a negative Covid-19 test within 72 hours of arrival. These positive developments didn’t change the low inventory numbers but it does have an effect on buyer behavior I believe. I put Kulalani at Mauna Lani into escrow yesterday and had 4 contracts submitted on KaMilo at Mauna Lani 214 all within the last week. None of the contracts were successfully ne...

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The May 2020 real estate sales market showed the full effect of of the Covid-19 virus pandemic on Hawaii island real estate sales. This is primarily because May closed sales were booked in March and April after the shelter in place, 14-day visitor quarantine and Short Term Vacation Rental ban were all in place. I will continue to monitor the effects and report on the number of units in escrow and closed sales as we go forward and update July 1. Values at this point have remained steady as new listings are few, indicating sellers are reluctant to list in the middle of the current negative quarantine conditions, which is positive for values as few listings keep our available inventory low. The number of Sales have declined faster than the decline in the number of new listings coming on the market so in some areas and classes of real estate, the average sold price has actually increased. As restrictions on Short Term Vacation Rentals, 14-Day Mandatory Quarantine for new arrivals and flights to Hawaii are restored-sales should cont...

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