Here are the Big Island real estate numbers for North Kohala (Kohala Ranch, Hawi, etc) and South Kohala (Waimea, Waikoloa, resort areas, etc) January through July 2014. Compared to last year during the same time period, sale prices are up: 21% and 14% respectively for homes; 16% and 59% (!) for land. South Kohala condo sales prices have increased 17%. That said, prices are still well below the 2007 peak.
Would you like to receive an automated email as soon as a new Big Island real estate listing is released? Just contact me and I’ll set up your feed. Each listing contains plenty of details and lots of photos. A hui hou!
Look at the year-to-date real estate sales price increases for North Kona. Of special interest is the land. Lots are always the last to recover following a down turn. Though the same number of lots sold is about the same compared to last year, land sale prices are up 51% in North Kona. The lack of inventory is driving these significant real estate sales price increases. Data as of July 31.
The year-to-date 2014 real estate numbers are in for Hawaii Island home and condo sales January through June, especially at tennis and golf resort neighborhoods.
Single family home sales are up 2% over the same period in 2013. Median single family home prices are up 5%.
Condo sales are up 13% over the same period in 2013. Median condo prices are up 16%.
Kohala Coast (South Kohala) condo sales are up 27% over the same period in 2013. Median Kohala Coast condo prices are up 10%. Kohala Coast condos are favorites with vacation home buyers looking for property near tennis and golf resorts.
Just because West Hawaii is in a seller’s market doesn’t mean sellers should be unprepared to receive the first offer. As a rule of thumb, the first offer is often the best in West Hawaii. This rule assumes the seller is ready to sell, versus waiting for several months. If the first offer is immediately viewed as “lowball,” someone, either seller or buyer, is off the mark. The trick is to determine whether the buyer is just fishing, or if the home really is priced too high. Here’s another rule of thumb: if the offer comes within the first 30 days of marketing, the home is most probably priced close to market. If it’s been three months or longer, the home is probably overpriced. Of course these rules don’t apply to all situations. Here’s a well written article on the subject of getting ready for the first offer, reprinted with the author’s permission. Enjoy!
On your next drive across Hawaii Island on the Saddle Road, take a picnic lunch. The Mauna Kea Recreation Area located near mile marker 34, is being refurbished. Picnickers will enjoy new lighting, refreshed landscaping, improved rest rooms, and paved parking. Dead trees will be removed, new picnic areas will be added, and cabin maintenance will be completed.
When the improvements are done, stop for lunch and enjoy a refreshing hike. Hawaii Island’s Mauna Kea Recreation Area will be a nice place to acclimatize if you are heading to the summit. Call the County for cabin reservations and information.
It’s hot and steamy on this Independence Day here on Hawaii Island. Waikoloa Beach Resort is getting ready to start the Great Waikoloa Rubber Duckie Race, and this evening the firework show is scheduled at the Waikoloa Bowl, Hawaii Island. Enjoy Independence Day fun wherever you are!