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Housing Market Update

June 2018 statistics show that the eruption in East Hawaii is having little impact on the West Hawaii real estate market which is still showing median price increases for single family homes and days on market at only 22.  The real estate market is still very strong on Hawaii Island. 

Found 10 blog entries about Housing Market Update.

It’s January and this is the time of year when pundits make predictions for the year ahead. Well, not being a pundit, but knowing a thing or two about the local housing market and keeping our fingers on the financial markets, LUVA Real Estate would like to share our crystal ball with you.

Buyers Head to the Condo Market

As we mentioned last fall, West Hawaii real estate prices plunged after the eruption, but started to pick up in November and December as buyers on the fence through the summer and early fall saw that the island was not going to sink or tip over and that real estate was still a great investment on Hawaii Island.

However, the single family market in North Kona has been slowing down and in December prices fell year over year 5%. This

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The government shutdown that began on December 21 is having a variety of local impacts to the state of Hawaii, which ranks 3rd in the nation for the number of federal jobs it has. But it is not just local federal employees who are being affected by the shutdown, but many people who are in the middle of a real estate transaction to buy or sell a home here in West Hawaii. LUVA Real Estate agents are not currently reporting missed closings, but we wanted to keep you abreast of what the potential impacts may be.

The shutdown includes all non-essential government employees and the many departments they represent. Some of these departments are directly related to the mortgage process. If you are selling a home, your buyer could directly be affected.

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LUVA Real Estate wishes you all Happy Holidays and Mele Kalikimaka as we head into the last few weeks of the year. The good news? The real estate market is looking MUCH better than it did when we reported the October numbers last month, when we saw a 45% decrease in single family home sales!

In most parts of West Hawaii, motivated sellers are placing their homes on the market to take advantage of the incoming slew of potential home buyers who will be looking for a new home during the holidays and into January. Combine the increase in listings with a small slowdown in the pace of sales, and buyers are finding a little more to choose from in a market that has been starved for inventory.

If you are looking at making West Hawaii home, the market has

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LUVA Real Estate agents have been busy showing homes during Ironman week to potential homebuyers who are elated at the clean air and gorgeous skies we have been enjoying. Interest is up and and so are prices in West Hawaii, although sales volume and number of homes sold are down a bit from last month. An important factor to look at when we review the September sales numbers is the rise in interest rates and the very real possibility of further interest rate hikes in December. The homes that are selling quickly are not the ones at the bottom of the market, which are usually the realm of first time home buyers who are now sitting on the sidelines waiting for their next move.

Homebuyers who have made plans to move to the island with retirement

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We are sure you have heard of the famous phrase, “Buy Low, Sell High”, right? Trying to time the housing market so you sell at the top and can still get into another home so it seems like a bargain is harder than it seems. But there are times when you look at leading indicators to give you a clue and those clues are showing up right now.  If you have been seriously considering the idea of making your big move or downsizing and buying a retirement/income home in West Hawaii, this may be the right time. Here are five clues to a changing market.

 

1. According to a recent article published in the New York Times, nationwide, sales of previously owned homes fell 1.5 percent in August from a year earlier, according to the National Association of

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Sept Market Update

If you ask local merchants how is the market, they will tell you it has been one heck of a slow summer due to the VOG and eruption that started in May and finally ended in early August. Real estate followed much of that same lead, with buyers pulling back to see what was going to happen with the market.  Now that the eruption has ceased, the blue sky days are magnificent and you can see the sun diamonds sparkling upon the ocean, the buyers are coming back into the market.

Lance Owens, LUVA Real Estate agent and the President of the West Hawaii Association of Realtors said, “Basically the market is making a strong recovery.  Remember that the August numbers reflect month two of the lava flow and considering that July was off by 48 and 46% in terms

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After the eruption began in early May, many people who have been on the fence about buying a home in West Hawaii were waiting to see if housing prices would start to drop. Potential buyers were waiting for the statistics from June to see how the eruption may have affected the market in West Hawaii. Numbers are in from the Hawaii Information Service and what LUVA Real Estate agents are seeing is this, across the island, home sales have dropped less than 2% year over year and year to date, they have dropped 2.59%. Median prices for single-family homes have increased 9.11% year over year and year to date, prices have increased 7.46%. Islandwide, condo prices have increased by 12.95% so far this year.

For North Kona, 52 single family homes sold last June

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The snapshot of the West Hawaii real estate market shows that we had a very busy early part of the year for both single family homes and condos with more buyers than sellers.

We asked Kurt Carlson, LUVA Real Estate agent to help us with sales volume and year to date statistics to give you a clear view into the current housing market and his insights into the market in the wake of the current lava eruption event on the East side of Hawaii Island.

“The Kilauea Volcano has been active for the past two weeks with active lava flows in the Puna area near the Leilani Estates subdivision and neighboring areas”, stated Kurt Carlson, LUVA Real Estate agent. “Some home buyers actively looking to purchase in the area have either put their plans on hold or

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The tale of the median price of homes in West Hawaii for March is a story of inventory skewing the numbers. “Sometimes a big sale in Kohanaiki or Four Seasons Hualalai can totally skew the numbers and another factor is the lack of inventory,”stated Lance Owens, LUVA Real Estate and President of the West Hawaii Association of Realtors.

Although the median price of a single family home for March in North Kona according to the Hawaii Information Systems is $800,000 compared to March 2017, which was $574,000. It would appear that prices jumped over $200,000 year over year, but what is happening is that there are fewer homes for sale in the lower price bracket under $500,000, forcing buyers either into higher priced homes or out of the market or into

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Demand has been steady for homes and land in West Hawaii, LUVA Real Estate reports for the West Hawaii real estate market update.

Home sales have begun exceeding new inventory, Altos Research, the real time data stats company reported  this month. However, they also reported that 39% of the available homes on the market in Kailua Kona have had a price decrease. Welcome to March, as we approach the end of our high season and snow birds start to pack up and go home and home sellers react to the receding tide of potential buyers by getting more assertive with the price of their home, which they MAY have priced a bit too high knowing the demand has been there since January.

If sellers in North Hawaii priced their homes to meet demand, they did so

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