As you may have read, there is a softening trend in housing across the country as the white hot market that has been occurring for the past two years is slowing. As Steve Harney, CEO of Keeping Current Matters said recently, “In 2008, the plane crashed, but this time we are coming in for a very soft landing.” Despite slowing on the mainland, people are still finding that warm sandy beaches in Hawaii beat the brutal winter weather on the mainland!
LUVA Real Estate agents are very busy showing homes right now and our market remains desirable. How does West Hawaii stack up to the softerning in the national market?
Island-wide sales volume from January 2018 to January 2019 shows a 28% decline according to statistics from the Hawaii Information Service.
Last year, land sales were starting to outpace home sales, as prices increased for existing homes and buyers turned to the possibility of building their own homes. LUVA Real Estate was responsible for many of these land deals and helped connect buyers to local construction companies. During this time, Kona was also experiencing construction on many new projects around town and at school campuses.
However, from single family home developers, to the anxious business owners of the new Magic Sands Grill to frustrated non-profit organizations racing to use grant money for a new community kitchen at Kona Pacific Public Charter School, the delay in the projects was the construction permits. Getting a building permit has been a challenge as the permit process