Kevin E. Lewis Realtor®
Clark Realty Corporation - Hilo Orchid Isle
(formerly Prudential Orchid Isle Properties)
Direct: (808) 895-4956 Hiloagent @ Yahoo.com
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Median Sales Price - Dec 2013 (YTD)
Hawaii Association of Realtors®
Big Island Hawaii home and land sales and the median home prices trends are in slow recovery. There are still Buyer's Market opportunities, they are just getting hard to find. The volume of inquiries from potential Buyers show there is strong demand for Hawaii real estate. The question is when enough Buyers will make their move... creating the next Seller's market! Big Island Population Grows by 25%
The Hawaii real estate market had been affected by the slower West Coast real estate market in 2007 to 2011, and we saw average home prices fall about 30-35% from the all time highs. The recovery in the stock market, historically low interest rates, and improving local economy have all helped the Hawaii County housing market in 2013. Vacant land prices, which corrected as a result of too many Sellers cashing in profits and too few Builders and Investors buying land, is also showing signs of recovery. In 2012 - 2014 Kona condo sales picked up sharply as prices fell, while Buyers seemed to pass over Hilo condos as they search for better opportunities in Hilo and Puna homes. The long term economic outlook for the Big Island of Hawaii remains positive. The Buyer's market in Hawaii should continue in 2014 and there are opportunities to be found for those ready to take advantage of the slower market. Big Island Sees Best Economic Outlook in Five Years
Buyers are always looking for a "great deal". Many of those who are buying properties today are planning for an early Hawaii retirement or for investment understanding that real estate markets are cyclical. My survey of recent sales show that sale prices average about 95% of asking prices. "Contingent Upon Sale", "Low-Ball Offers" or "Trade for a Mainland Property" are rarely accepted in our market. There are some potential Buyers "waiting to see what happens" or still predicting a "total crash" in Hawaii real estate prices, similar to that which hit Arizona, Nevada, and Florida in 2008-2011 - but the local Hawaii real estate agents don't see that happening. Inquiries from want-to-be residents continue to keep many of us agents busy, so we know the demand is there. Buyers who wait too long trying to time the market may find themselves saying, "I could have, would have, should have..." bought when it was a Buyer's market!
Sellers are saying "I didn't get as much as I wanted, and it took longer than I thought - but I sold!" The prices of Hilo real estate and Kona real estate sales are still down from the all time highs, but the number of sales are well within our 10 year average. My recent count shows about 25% to 30% of the homes on the market in escrow, and about 10% of the land parcels are in escrow. If you bought before 2005 and thinking to sell today, chances are there is still profit to be made. It's worth it to put the property online if it is priced right. Your main competition are the few dozen bank foreclosures and short sales that we have on the market, many which are priced on the low side in order to create excitement in the market place, with the goal of starting a bidding war among Buyers - and it is working! It's the "Lets try 20% above the market price to see what happens" that disappoints Sellers when their property does not sell as fast as they would like.
Attitudes are changing about the improving Hawaii economy and real estate market. This should help 2014 be a good for Big Island real estate sales.
... Just my opinion of the Big Island real estate market! Kevin E. Lewis is a Hawaii licensed Realtor® with Clark Realty Corporation - Orchid Isle, in Hilo Hawaii.
Real Estate Sales Soar this Month, Crash the Next... the Headlines Often Don't Tell the Whole Story!
THiS SECTION IS UNDER RECONSTRUCTION
Pacific Business News - Oct 3, 2013: Big Island's Clark Realty, Prudential Orchid Isle Properties to merge
Smart Money - Mar 10, 2012: Retire Here, Not There: Hawaii
Many retirees flock to the Islands of Maui and Oahu, often overlooking Hawaii's "Big Island" -- and with it, some gems like the town of Hilo. The lifestyle on Hilo is a bit like Honolulu of decades past before the flood of tourists and developments, some advisers say. The cost of living here is relatively affordable -- 47% higher than the national average, compared to 77% higher for the state overall.
Pacific Business News - Aug 27, 2010: Big Island [Economy] Headed In Right Direction
The Big Island economy is finally breaking out of the doldrums, led by a construction sector that is outperforming the rest of the State.
LA Times , Jun 24, 2010 Fannie Mae Gets Tough on Homeowners Who Walk Away
The mortgage giant plans to go to court against those who can afford to make their payments but decide it's not worth it.
CNN Money - Feb 3, 2010: You Lost Your Home - But You Still Have to Pay
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, Right? Wrong.
Honolulu Advertiser - Jan 13, 2008: Development Soars in Risky Hawaii Lava Zones
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.
New York Times - Apr 6, 2007: On the Big Island, a Place for Price Sensitive Home Shoppers. Affordable Hawaii retirement properties can be found In Puna on the Big Island of Hawaii.
Honolulu Star Bulletin - Mar 22, 2007: Big Island population rising fast - Up 14.7 percent since 2000
Pacific Business News - Sep 13, 2006: Labor shortage hurts Big Island economy
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.
Honolulu Star Bulletin - May 13, 2005: "Coconut wireless" gets it wrong on Oprah's comments
Some are blaming the talk show host for promoting Big Island real estate, but she never did. What did Oprah Winfrey REALLY say about Hawaii Real Estate?
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If you need a friendly and honest agent to work with in the Hawaii real estate market to help you buy or sell property
on the Big Island, please write to me - I'm glad to help! Kevin E. Lewis, Realtor® Hilo Hawaii - Hiloagent @ Yahoo.com
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