The Kona real estate market continues to stabilize with greatly reduced inventory and improved activity in the upper price ranges.
Does the sustained increase in buyer activity, pending, and closed sales signal the bottom for Kona?
Kona Market at a Glance
The data continues to indicate strong activity in the Kona real estate residential market. Pending ratios are up nicely from a year ago due to an increase in pending sales and a decrease in active listings. The ratio is off slightly from the high in mid-March as we are experiencing some seasonal slowdown. Prices have been nearly unchanged since January when pending ratios began their steep climb.
Distressed Properties Continue Their Decline
The North Kona and Waimea real estate markets for distressed properties continue their decline. However, the declining trend in North Kona has slowed. The number of REO’s and Short Sales in the current North Kona active listing inventory is at a new low. It had been as high as 19.6% in August of 2011, but now stands at 11% of the Kona real estate market.
The highest percent of distressed active listings is in Waikoloa. The percentage of distressed properties in Waikoloa had been as high as 40% in November of 2011, but has come down to 31% of the Waikoloa market. Currently, Short Sales far outnumber REO’s, as witnessed by the 82% of distressed pending sales in North Kona are Short Sales.
The land market remains weak, with pending sales low due to the relatively abundant supply of residential properties that are in many cases selling below replacement cost.
Want the Most Accurate Information For Sound Buying Decisions?
Staying up to date with the North Kona residential inventory is what I do best. As an Accredited Buyer Representative (ABR), making sure that my clients have the most accurate information in order to make sound buying decisions is my mission. If you are in the market for real estate anywhere on the sunny Kona coastline, please contact me anytime for a no obligation “talk story” about why I make Kona home. Let me help you to live your best Hawaii life!
Please feel free to contact me anytime at:
Todd W. Barrett, Realtor(S)
*Data republished with the courtesy and approval of the Griggs Report.