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Remember the McMansions? East Hawai`i Market Update

Over the past decade, we’ve gone from people wanting to downsize, to those embracing tiny home living, back to I want a bigger space, privacy, and more land! We are still hearing that the market is slowing. The numbers certainly don’t support that.

Every single neighborhood I track has far more demand than supply. As long as this trend continues, the market will remain steady. There are subtle changes but, in the end, the market still favors sellers. Besides a severe inventory shortage, here’s what I’m seeing.

Trending in East Hawai`i:

  • Video tours seem to have decreased.
  • In-person showings, even by mainland buyers, seem to be on the rise.
  • We’re still receiving multiple offers but there are fewer showings overall.
  • This tells me the market is cooling but demand is still there. Watch this.

east hawaii real estate market trends chart

Hilo & Hawaiian Paradise Park

The chart above compares 3rd qtr 2020 to the 3rd qtr of this year. Looking at last quarter (2nd qtr 2021), sales numbers in Hilo increased from 79 to 112. The median price rose from $381,750 to over $468,000 this quarter.

Now consider Hawaiian Paradise Park. Last quarter (qtr 2/2021) there were 98 sales with a median sale of $372,500. This past quarter, sales numbers rose to 100 (fairly steady) while the median price increased to $432,877! If this trend continues, prices in HPP will soon eclipse Hilo!

Take time to compare the numbers. Even the projected demand hasn’t kept pace. For instance, between Oct 1, 2020 thru Sept 21, 2021, the Hilo area saw 411 homes change hands. When I prepared the update in October 2020, the theoretical demand was for 320 homes to change hands. The HPP demand based on closings during the same period was for 380 homes. The number was 400!

What About My home?

Don’t see your neighborhood here, just contact any member of Team Nakanishi and we’ll set you up for complete and tailored information for any property on Hawai`i Island…and trust me, McMansions and tiny houses and everything in between are definitely in vogue!

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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Clifford

November 24, 2021

Excellent article explaining current real estate trends in East Hawaii & your in-depth knowledge of the real estate market. Clients appreciate much more when dealing with you, cause you put yourself in their shoes, represent their best interest & desires.

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