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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Hilo listing with pool.

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some market data to look at from Zillow on 96720 zipcode (Hilo, HI)

Kamehameha Ave., Hilo HI 96720

© Zillow, Inc., 2009. Use is subject to Terms of Use.
See Hilo Home Values at Zillow.com

Median Condo Value

Median Home Value

Dollars Per Square Feet

Zillow Home Value Index Distribution

Home Type

Owners vs. Renters

Home Size in Square Feet

Year Built

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