Lance Owens, Kailua Kona, HI Realtor, gives a run down on the Hawaii Real Estate Market
Although the month is not officially over yet, Home sales do not take place on weekends, so we can safely report these numbers (Note: MLS rules state you can take as long as 5 days to report a sale – so the numbers may go up slightly)
Let’s take a look at the July 2011 sales report, Number of Homes Sold: UP by 43% over the same 31 days last year.
Year To Date (YTD): I prefer this method over the “knee jerking” excitement that monthly reports create – UP 43/down 14/up 11. Things seem to “spike” up and down more on the monthly’s.
YTD increase is just above a 10% increase - not bad Kona. Just for fun I went back to 2010 vs. 2009 – WOW – 2010 YTD was up 51% over 2009, indicating that the Kailua Kona market is not only making a steady comeback, 2 years running, and it is more than likely here to stay.
Dollar Figures exchanging hands – July 2011 – UP 63% - Before you get all excited, Remember YTD paints a much more honest picture, and points to more of a trend, this figure is up 4%, which indicates a calm, steady, focused increase in money exchanging hands for West Hawaii
Median Home Price: Interesting enough median home prices are still dropping – July, down <21%>, YTD down <6%>
Give Lance a call if you would like to sit down and go over what these numbers mean to you, whether you are a buyer or seller. 808-936-8383
Want to see the actual reports – follow this link: www.KonaHomeTeam/Reports
Still to this day, I don't understand the media's intent when they blatantly mislead the public. Who's responsibility is it for accurate reporting? If you look at a recent blog I posted, the Sunday paper stated that Big Island Real Estate was UP, 3 days later, FRONT page states we are down in sales, and foreclosures were up? Which is it guys? (BTW - that was the fastest market swing I have ever seen)
I will tell you which one it is - SALES ARE UP - July Sales are not only up 21% over July 2010, but it is already ahead of July 2009, and July 2008 - you're going to have to go all the way back to 2007 to find a better July, than you will for this year. May Sales were astounding, which probably explained a slight dip for June - but take a look at the YTD (year to date) for a more accurate showing of the numbers
Year to date Sales: up about 8.4% and remember the month is not over
Foreclosure up? Well, without trying to put a personal opinion on it - Act 48 Hawaii had a HUGE impact on these numbers, for more on Hawaii's Act 48, look at these 2 blogs I wrote
The sad thing, our office had a $1,000,000+ deal fall out of escrow - due to that front page article, and I'm not grasping at straws here, they directly quoted this article as a reason to withdraw an offer they had in - I wanted to personally salute our local paper for this one. I am sure you feel my Salute !
With this I want to leave you with a few great photos I took this month, right here in Kailua Kona, Hawaii
Nice Ono - still eating this guy