Rewind and Moving Forward

Some will recall reading 10 years ago reading that my baby daughter, Mililani Browning, graduated from Kamehemeha Kapalama.  Boy does time fly!  Mililani went on to complete her degree in agro-ecology from UH-Hilo.   To be honest, I wondered how she intended to make a living.  Here’s the thing.  She has taught me so much.  She currently works with the Alala project which, along with her past work with Imi Pono Na Ka Aina and The Three Mountain Alliance, provides great motivation for her to educate not only her Mommy but members of the public and recently the Hawaii Island REALTORS® .  

Many times, real estate agents are a homeowner’s   first initiation to the importance of “going native”. It makes perfect sense for us to understand the finer points of our fragile ecosystem.  I’d like to thank Mililani and the staff at the former Keauhou Ranch for allowing us participate in restoration of a beautiful forest to its native state.   As I reflected back on 2002 and all that happened in real estate since then, it’s all very surreal.  None of us could have imagined the craziness to come and yet, now that we are equidistant from the peak of 2005-2006, my guess is that most would consider 2002 a more normal market.  Back in 2002, a median priced Hilo home sold for $141,125 while the Puna counterpart was selling for $89,000.  With this in mind, let’s take a look at today’s data.  

Anyone who thinks the market is not improving is really out of touch.  Inventory is declining in almost every area.  Data compares 1st quarter 2012 with the  quarter that recently ended (2nd qtr 2012). Most notable is that the areas along the Volcano corridor seem to be waking up.  Many homes that were on the market for years are now going under contract and moving to close.  A broader look would demonstrate that other neighborhoods  are showing a declining inventory  which is sure to cause prices to inch up…and check it out, the median sale in Hilo is still almost $100,000 more than 2002 while Puna homes in sampled neighborhoods are going for almost $50000 more! Not exactly what my memory would have served up, that’s for sure!

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