Market Conditions Report (Update): Hilo

MARKET CONDITIONS REPORT

Market Conditions for Hawaii (Big Island), Hawaii

Location: Hilo

Reported by Kelly H. Moran, CCIM, CIPS, REALTOR

As of April 15, 2008


AREA CHARACTERISTICS
Hilo is the second largest city in Hawaii and is located on the windward (eastern) side of the Big Island. Nearly all of the important educational and financial institutions are located in Hilo. The University of Hawaii at Hilo was ranked one of the top twenty small universities in the nation and has a very diverse, international student body. Visitors and residents find Hilo to be a “local” town with warm and friendly people. While tourism is very important to the east Hawaii economy, it does not dominate, as in Kona. Cruise ships regularly dock at the Hilo Harbor and Hilo Bayfront frequently has canoe paddling regattas with statewide participation. The world renown “Merrie Monarch Hula Festival” is held in Hilo every Arpil and draws contestants from all over the world. Hilo is a very diverse community that is low key and very modest.

MARKET REPORT NARATIVE
The Hilo market continues to favor buyers, as inventory is up and prices trending downward. There are more international buyers coming into the Hawaii market with the depressed dollar exchange rate.

Here are the MLS statistics on the greater Hilo area (tax map key 3-2 that are fee simple) for the last 30 days, from March 10 to April 10, 2008:

  • There are 219 homes listed for sale, with a list price range from $179,000 to $3,490,000
  • The median list price of homes is $389,000
  • There are 27 homes in escrow, with a list price range from $165,000 to $2,399,000
  • There have been 14 homes sold, with a sold price range from $260,000 to $530,000
  • The median sold price was $399,500
  • The median days on market to sell was 153 days. Selling price to Listing price percentage was a median of 97.3%

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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.

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