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Kevin E. Lewis - REALTOR® ABR® CFP® Prudential Orchid Isle Properties - www. Hilo Agent .com
TEL (808) 969.7863 x130 TOLL FREE (800) 789.4753 FAX (808) 935.7405 Hilo Agent @ Yahoo .com |
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Kevin E. Lewis - REALTOR® ABR® CFP® Prudential Orchid Isle Properties - www. Hilo Agent .com
TEL (808) 969.7863 x130 TOLL FREE (800) 789.4753 FAX (808) 935.7405 Hilo Agent @ Yahoo .com |
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Home Big Island FAQ's Big Island Information Big Island Values Hawaii Books & Maps Real Estate Listings Working with Buyers Working with Sellers
Looking to Invest, Relocate or Retire somewhere tropical? the Big Island of Hawaii offers Big Opportunity!™
As of Dec 31, 2007 - Source: Hawaii Information Service Inc.
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Puna |
$259,500 |
- 3.53% YTD |
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S. Hilo |
$350,000 |
- 4.11% YTD |
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S. Kohala |
$550,000 |
+ 1.06% YTD |
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N. Kona |
$610,000 |
- 3.94% YTD |
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Big Island |
$395,000 |
- 6.18% YTD |
Click on graphs for East Hawaii real estate sales statistics
Maybe it is time to consider the Big Island of Hawaii !
Kona - Kohala - Hamakua - Hilo - Puna - Kau
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Big Island Hawaii Home prices are down a bit and Vacant Land prices have been correcting from recent all time highs.
The number of property sales are back to a "normal" range in the 2008 Hawaii Real Estate Market.
The Best Time to Buy Real Estate... is when it's a Buyer's Market!™ In 2007 - 2008, Residential house and condo prices are down a little, although soaring building material prices have helped to support home prices. Vacant land parcel prices have been correcting as short-term land Investors rush to cash in recent profits. There is plenty to choose from in the Big Island real estate market, while interest rates remain historically low. The Hawaii economy is still doing well although growing at a slower pace than the last few years, and the long term economic outlook for the Hawaii's Big Island remains positive. Real estate inquiries from many want-to-be residents continue to keep the Realtors busy! So we know the demand is there, it's just a question of "when" buyers will all jump back into the Hawaii real estate market.
Most Buyers and Investors are buying for long term growth or in advance of their pending retirement to our Big Island. Income Buyers are finding rents somewhat low with cap rates around 5%. Buyers are all looking for the "good deal" and some are picking up good values in today's market, while others are "window shopping", "on the fence", or "waiting to sell there in order to buy in Hawaii. " Other Buyers are trying to time the bottom of Hawaii's real estate market and may end up waiting until... it's a Seller's market again? "Contingent upon sale" of a mainland property and "low ball offers" are not being accepted in our market. Sale prices averaged about 90 - 100% of asking prices in 2007.
My thoughts are as soon as the 2008 elections are over, peoples attitudes about the economy and direction of the economy will change, no matter who wins the Presidency or takes over Congress. Buyers who wait may very well find themselves saying, "Why didn't I buy when interest rates were low and it was a Buyer's market?!"
Sellers are saying "I didn't get as much as I wanted and it took a little longer than I thought, but I sold." If you bought before 2005 and thinking to sell, there is profit to be made! Sale prices increased sharply in 2002-2006 after bouncing off of decade lows. The number of sales are down from the high two years ago, but the predicted "Real Estate Bubble Crash" didn't happen in our market. If you want to sell, it's worth it to put the property online and price it right. It's the "lets try 20% above the market price to see what happens" that is disappointing Sellers when their property does not sell as quickly as they might like. If you are priced-to-sell as the best bang for the buck compared to other listings on the market, then properties are more likely to sell in today's market.
Summary: The Big Island real estate market has slowed to a more "normal pace" as Speculators moved out of the Hawaii real estate market. We expect 2008 to continue to be a Buyer's market and there are opportunities to be found for those ready to buy.
Just my opinion of the Big Island of Hawaii real estate market...
Kevin Lewis, HAWAII REALTOR® ABR®
Kevin E Lewis is a licensed Realtor® with Prudential Orchid Isle Properties in Hilo Hawaii, one of the top realty sales agencies in the Big Island real estate.
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Big Island Hawaii Real Estate in the News
Up this month, Down the next ... the headlines are often misleading!
Pacific Business News - April 07, 2008: Big Island home prices down, condos up
The median price of a Big Island condo in March was $515,000, up 17 percent over the same month in 2007... The median price of a single-family home, however, fell 16 percent in March to $389,000... [This is in part due to first time home buyers moving back into the Puna market and slow down of the vacation home market in Kona ]
Pacific Business News - February 13, 2008: Hawaii foreclosure rate is among the lowest in the U.S.
Pacific Business News - February 1, 2008: Big Island real estate fares better than most markets
Puna, with its many lava zones, is the fastest-growing region on the Big Island, and is expected to have the largest population of any of the island's nine districts by 2015.
In 2007, Big Island home prices down about 6%, number of sales down about 20%
[ Is 6% a big slide? ]
Hawaii had 113 home foreclosure filings in November -
[ Hawaii Foreclosures are few compared to other states. ]
Home resales on the Big Island and Kauai's last month trailed year-ago levels by 24 percent to 56 percent, as Hawaii's residential real estate market continued to soften.
Like elsewhere in the state, the Hawaii County economy is winding down from the boom of the last several years.
On the Big Island, meanwhile, home sales have slowed down, with only 152 trading hands, 35 fewer than last year, at a median price of $398,250 -- 5.5 percent higher than last year.
East Hawaii real estate sales increased in May and June, marking a resurgence in market activity after declines highlighted by a January and February slump. While the number of sales is up, the sale prices of homes continue to go down. Vacant land is following a similar trend. Puna land sales hit the highest level in a year last month.
Half the homes sold in Hawaii County last month sold for less than $363,000, down 20 percent from the median price a year ago, as sales shifted from expensive Kona neighborhoods to more affordable homes on the Hilo side of the Big Island.
Hawaii Tribune Herald - June 27, 2007: $12M for paved roads in HPP
The Hawaiian Paradise Park Owners Association has borrowed $12 million it expects will pave most of the Puna subdivision's 112 miles of cinder roads.
Waiakea Villas sold to Bridge Capital in foreclosure auction
Sales on the Big Island were down across the board, as were condo prices, while prices of single-family homes stayed relatively flat. The median price of a single-family home in May was $439,500, only slightly higher than the same month last year, when it was $435,000. Year-to-date prices were down almost 2 percent, to $430,000, from $436,925 for the first five months of 2006.
The Big Island district is the fastest growing in the state, but not all residents are welcoming the boom.
Affordable Hawaii retirement properties can be found on the Big Island of Hawaii
Prices for single family homes on the Big Island dipped about 2 percent, to a median price of $420,000 last month, down from $430,000 in 2006, while the median price of a condo fell 32 percent to $400,000 from $587,500 in February of last year.
Sales of homes on the Big Island and Kauai got off to a slow start this year, but prices rose on both isles, even setting a record on Kauai... On the Big Island, the number of homes sold dropped to 113 in January compared to 151 in January of last year, a 26 percent drop, according to data from Hawaii Information Service. The median price of a home on the Big Island climbed to $398,000, a 3.1 percent year-over increase from January 2005.
Officials say East Hawaii market seems to be on a rebound. The East Hawaii real estate market appears to be crawling out of its slump. Both sales volume and prices were up in December from the previous month. Fifty-four homes were sold in Puna last month for a median price of $261,000, up from 49 sales with a median price of $250,000 in November.
Big Island real estate market takes dive - Agents telling buyers to go to Puna for the bargains. As Hawaii waits for the real estate market to hit rock bottom, Puna and Hilo prices and sales volume have taken a plunge. The market for vacant lots saw the biggest decline and in November had a fraction of the strength it had one year earlier.
Residential real estate prices on the Big Island were on the rise for the first 10 months of this year, even as the number of sales fell sharply, according to data released Friday.
Anyone who is still waiting for the bursting of a real estate bubble may be missing what really threatens Hawaii's economy - lack of skilled workers to fill vacancies.
Some are blaming the talk show host for promoting Big Island real estate, but she never did. What did Oprah Winfrey REALLY say about Big Island Hawaii Real Estate?
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Kevin E. Lewis, Big Island of Hawaii REALTOR® - Prudential Orchid Isle Properties (808) 969-7863 x130
NOBODY Knows the Big Island Like We Do!™ - #1 Sales Agency in East Hawaii Real Estate for 2007
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