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Anything New in ’23!

Those sitting on the sidelines might be surprised at the comparison between last year and this. Even with slight inventory increases in some areas, all areas continue to be severely supply constrained. We are seeing price adjustments, but the data shows pricing remains fairly consistent with last year. Only in areas with a small sample size are we seeing significant (artificial) price differences. Remember, “available now” numbers add properties under contract (technically active) to currently active. Because many under contract properties will close, the number of available properties is actually much smaller than noted. An interesting walk down memory lane helps further put things in perspective.

Hilo and HPP Update

In quarter 1 of 2019, there were 136 active listings in Hilo. There are currently 53. The median price was $515,000 compared to $785k today! The number in HPP was 124 active (58 today). At that time, a median-priced HPP home was $341,000. Today’s number is over $500,000. Sold listings in Hilo hovered around $366,000 and $295,000 in HPP. Unfortunately for buyers, I do not see pricing going back to those pre-pandemic levels.

One of the most surprising numbers I’ve seen lately is not related to sales price but to rental amounts. I’m noticing rentals in Hilo and even HPP prices are now over $2,000 per month (for west side prices go even higher). It would take about 4 people working full-time at $13/hr or 2 people working 2 full-time jobs to come close to affording those prices.

Getting Creative

Many mortgage companies are getting creative about helping buyers feel comfortable buying once they see a property they like. After all, if you are going to pay such high rent, it may make sense to have the seller buy the rate down and refinance when rates decline. Some programs advertise zero cost refinancing in the future. Don’t see your neighborhood? Don’t do computer? No problem. We’ll even snail mail the information if you wish. Whether buying or selling, Team Nakanishi is always here to help. On to the rest of 2023!

Posted on in Big Island, Hawaii, Hawaii Island, , , ,

Denise Nakanishi
About the Author

Denise Nakanishi

Denise Nakanishi is a REALTOR Broker with Hawai'i Life. Denise Nakanishi is one of Hilo's most acclaimed real estate agents. She reached the rank of Major in the US Army and is now known by many as "Major Mom." The nickname fits–not only does Denise bring the discipline and mission-oriented attitude you'd expect, she's also caring and compassionate, always looking out for her clients like they're her own family. Having made the Big Island her home since 1987, Denise combines her extensive knowledge of the area with a sharp focus on customer service and the results speak for themselves. She's the recent recipient of the Best East Hawai`i, Best of Zillow, Chairman's Circle Award, President's Circle, Top Producing Agent since 2001, and Realtor of the Year awards. Denise stays ahead of the curve because she's passionate about education–she served as Education Chair for Hawaii Island REALTORS® for many years. She's one of Big Island's best real estate resources, known for her weekly article in the Hawaii Tribune Herald. Denise leads Team Nakanishi for Hawai`i Life, who is committed to their family, work, and community. In her little time away from work, Denise is a committed runner and Grandy. She also devotes many hours to various Veterans' Organizations, the East Hawaii Cultural Center, and the Hawaii Island REALTORS®. You can email me at denise@hawaiilife.com or via phone at (808) 936-5100.

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