ranking real estate

What is going on with the Hilo residential market? From June to August we have seen the year to date number of sales continue to drop, but at a slower rate, while the actual year to date median home price has shown a slight uptick.

June YTD – Sales Activity <17.65%> Median Home Price $256,250
July YTD – Sales Activity <14.42%> Median Home Price $257,500
August YTD – Sales Activity <16.39%> Median Home Price $263,750

Summer months tend to be months with higher activity and the added sales will always have an effect on the overall median price. While it is far to early to call a bottom in price drops, it is interesting to see a 3 month period in which median prices did not fall sharply.

The next 3 month period leading up to December should be extremely interesting to see how the Hilo market reacts. Will we begin to see any effects from job cuts by the State, as well as the constant talk of a foreclosure wave due to Alt-A loans coming due, as well as the effect/non-effect of Government Stimulus money on our local economy and will our jobless rate continue to hover around 10%?

Some of these questions should be answered over the next few months…

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Interesting notes and highlights for July 2009 Big Island of Hawaii Real Estate Market.

Year over Year (for July) Residential sales (excluding condos) were up 16% from 100 transactions to 116.

For the same period Residential sales volume was up 5.39% from $38,836,650 to $40,930,001
For the same period Residential Median Sales Price decreased 12.39% from $299,000 to $261,950

As compared to June 2009:

Residential sales transactions were up 13 from 103 (in June)
Residential sales volume was down <$12,173,499> from $53,103,500 (in June)
Residential Median Sale Price was down <$28,050> from $290,000

Overall:

All numbers have to be taken with a grain of salt as total number of transactions is fairly low and can change significantly based upon 1 or 2 sales which might be away from the norm. Nevertheless the Big Island Market in general has continued to show an overall softness with certain segments of the market fairing only slightly better then others.

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Sold July 17, 2009

51 Kalakaua Building – located at 51 Kalakaua, Hilo, HI
Commercial Building consisting of 2,481 sqft building on 6,378 sqft lot

List price: $359,000.00 Sold price: $325,000

Located in beautiful Downtown Hilo on the Big Island of Hawaii this commercial property originally built in 1938 offered many opportunities to both end users or investors. Originally used as a Dry Cleaners, the property offered 3 distinct commercial spaces as well as a “old plantation style” home in the back.

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Shipman Industrial Park Increment 1-D
Lot #1 – TMK (3) 1-6-151-001
65,340 sqft lot
Sold 7/6/2009
Sale Price: $687,070.00 [$10.50 per sqft]

Located only minutes from Hilo, Shipman Industrial Park offers some of the only Fee Simple General Industrail Land on the Big Island.

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Big Island Median home prices are down YOY according to statistics from Hawaii Information Services (MLS for the Big Island and Kauai).

As an Island, Hawaii Residential Median Home Prices fell 25.85% YOY from $379,053 in 2008 to $281,050 in 2009.

Puna down 21.79% to a Median price of $179,875 (based on 198 transactions)
South Hilo down 24.41% to Median price of $256,250 (based on 70 transactions)
North Hilo up 18.73% to Median price of $444,000 (based on 5 transactions)
Hamakua down 22.50% to Median price of $310,000 (based on 10 transactions)
North Kohala up 43.70% to Median price $970,000 (based on 10 transactions)
South Kohala down 20.30% to Median price of $394,500 (based on 72 transactions)
North Kona down 20.84% to Median price of $435,000 (based on 119 transactions)
South Kona down 36.32% to Median price of $320,000 (based on 12 transactions)
Kau down 23.80% to Median price of $151,250 (based on 30 transactions)

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