MARKET CONDITIONS REPORT
Market Conditions for Hawaii (Big Island), Hawaii
Approximate Location Boundaries: Kohala, Hamakua Coast and Hilo Districts (eastern and northern parts of the Big Island of Hawaii)
Reported by Kelly H. Moran, CCIM, CIPS, REALTOR
As of April 15, 2008
This geographic area stretches from Hilo, the second largest city in Hawaii, to the Kohala Coast, where many of the island’s premier hotel resorts are located. There are a wide range of property choices within this area, and buyers tend to gravitate to locations that fit their specific needs: Hilo locations have ready access to government offices, service industries, Hilo Hospital and the University of Hawaii. The Hamakua Coast (north of Hilo) is a vibrant greenbelt with streams and lots of open, rural landscape. The Kohala District is diversified and has world class hotels and resorts, rural home options and the Paniolo (cowboy) town of Kamuela. North Hawaii Community Hospital and Hawaii Prepatory Academy are two well respected medical and educational institutions located in Kamuela.
MARKET REPORT NARATIVE
The Hilo, Hamakua and Kohala Districts on the Big Island have diversified offerings and tend to be very high quality of life locations: From the relatively conservative yet dynamic community of Hilo, to the diversified agriculture and gentleman farms of Hamakua, to the upscale resorts and estates of Kohala – there is something for everyone! Sellers have been adjusting their listing prices downward and offering incentives to attract buyers in an eroding market. More international buyers are considering these areas due to the solid value and relatively attractive dollar exchange rate.
Here are the MLS statistics on fee simple homes priced from $999,000 and up, from Hilo to Kohala (tax map key 3-2 to 3-6) from Jan. 1 to Arpil 10, 2008:
- There are 133 homes listed for sale, with a list price range from $999,000 to $24,000,000
- The median list price of homes is $1,749,000
- There are 9 homes in escrow, with a list price range from $1,000,000 to $5,450,000
- There have been 11 homes sold, with a sold price range from $1,255,000 to $5,500,000
- The median sold price was $3,000,000
- The median days on market to sell was 184 days
- Selling price to Listing price percentage was a median of 89.5%
For More Information:
About Kelly H. Moran:
Kelly created Hilo Brokers, Ltd. in 1992. He has lived in Hawaii for 30 years, and sold real estate here for over 20 years. Kelly is a graduate of the University of Hawaii at Hilo (UHH) with degrees in Tropical Agriculture and Political Science. Currently Kelly is teaching Real Estate Finance at UH-Hilo. His areas of expertise in real estate include: commercial real estate sales, agricultural properties, real estate investments & development, as well as residential and vacant land sales. Kelly was one of the first REALTORS to incorporate the internet as a real estate sales tool. He saw the potential of reaching people world wide, and is currently developing an international division within Hilo Brokers, Ltd.
Kelly is a dedicated tennis enthusiast and community volunteer. He shares his time between the towns of Hilo and Kamuela, where his young sons attend school.