ranking real estate

In looking at the Hilo Market over the past 8 months, it appears for the time being that we can say April 2009 was the bottom of the Hilo Residential Market in terms of Median Home Price.

Below is a chart of Zillow’s Home Value Index for 96720.  The chart is also confirmed by MLS data provided by Hawaii Information.

Per Hawaii Information:  South Hilo Median home pricing was at its lowest in April which posted a Monthly Median Home Price (on sales) of $202,000 this brought the Year-To-Date (YTD) Median Home price to $247,000.

Since April the following Median Prices were posted:

May 2009  – $262,500   YTD – $250,000
June 2009 – $280,000 YTD – $256,250
July 2009 – $260,000 YTD – $257,700
Aug. 2009 – $320,000 YTD – $263,750
Sept. 2009 – $288,000 YTD – $270,000
Oct. 2009 – $285,000 YTD – $277,000

In last month’s 3rd Quarter market report, I said that “overall median home prices have continued to fall”, that would need to be tempered a bit, by the above reflective data. The jump of roughly $19,300 in median price over the past 3 months is significant when looking at Median Pricing over the whole of 2009. When compared to a Median Price rise of only $10,700 over the previous 3 months (May-July) the increase is significant.

I still agree that the main concerns for Hawaii County are that of job loss and loss of income to the general workforce. While not illustrated in the past 6 months data for South Hilo, this should be taken into account when evaluating the residential marketplace.

The Federal Government’s continued focus on tax credits should have a continued positive effect on market activity, as should the current low interest rates on home mortgages.

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Hilo Summary
The median sales price for homes in Hilo HI for Jul 09 to Sep 09 was $235,000. This represents an increase of 3.2%, or $7,250, compared to the prior quarter and a decrease of 17.5% compared to the prior year. Sales prices have appreciated 5.4% over the last 5 years in Hilo.

The average listing price for Hilo homes for sale on Trulia was $399,655 for the week ending Oct 21, which represents an increase of 1.3%, or $5,080, compared to the prior week and an increase of 1.7%, or $6,567, compared to the week ending Sep 30. Average price per square foot for Hilo HI was $215, an increase of 1.4% compared to the same period last year.

Hilo Recently Sold Homes

Hilo Homes For Sale

Hilo Recently Sold Homes

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Hilo Home Sold 10/22/2009

122 B Kekela St.
Lot 6-C TMK (3) 2-2-39:120
10,774 sqft lot 1,056 sqft 3/1.5 home
Sold 10/22/2009
Sale Price: $195,000.00

Located centrally in Hilo Town. Fixer Upper with a lot of potential.

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Density is necessary but not sufficient for walkable, transit-friendly urban(e) communities…without adequate baseline densities, communities can wind up building a lot of sidewalks that hardly anybody walks on. – Nathan Landau

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