Kona Real Estate Market Update:October 2012

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Kona’s real estate market continues to improve as the latest real estate numbers show quite clearly.

For the full market report click Griggs Report- Mid October 2012

In our North Kona residential market current inventory is down 18% compared to the same time last year, while pending sales are up 19%.

The pending ratio is an illustration of market supply and demand. That ratio is found by dividing the pending sales by active listings, then multiplied by 100.

A pending ration below 30 is a buyer’s market. A pending ratio 30-50 is neutral. Pending ration 51-99 is a seller’s market. Any ratio over 100 is a peak in the market,  with market correction/adjustment not far behind.

The higher the ratio, the greater the market demand for real estate.  In the time period we are looking at, the pending ratio is 56.28. A telling statistic, as this is indicative of our current market changing to a more seller friendly environment, or a “seller’s market”.

Put simply, inventory is low, and buyer interest is extremely high!

If you have been contemplating Kona real estate, don’t wait any longer. Get in while the getting is good!

The Griggs Report is published bi-monthly and used here courtesy of Michael B. Griggs, R(B) of Clark Realty Corporation’s Kailua-Kona office. 

 


					

Kona Condo Update: Alii Lani Inventory and Recent Sales

The popular Alii Lani condominium project, located on Kailua-Kona’s Alii Drive continues to draw strong buyer interest as many find the project’s competitive pricing good Kona value.

Alii Lani has 2bed/2bath or 3bed/2bath floor plans, multiple swimming pools for owners to enjoy, low maintenance fees and is just minutes from Kona’s many beaches.

I closed on my Alii Lani F101 listed property, September 14, 2012.

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This turnkey furnished unit had been almost completely redone from top to bottom with new appliances, flooring, paint and fixtures. As my seller and I began readying the property for market,  I shot high quality photographs along with a high-definition video tour to best showcase the property!

I released Unit F101 onto the market,  the morning of August 3, 2012. Within the hour we had a request for showing, a second showing to same buyer that same day,  and by the next morning a full price offer!  When a property is priced right, and you have professional photographs paired with a video tour, your property will sell.  We closed September 14, 2012 at our list price of $189,000. My seller, and the buyer were ecstatic!

There is still some great inventory in Alii Lani. Currently there are four units available, priced from $155,000-$209,000. Units that have sold from June 1, 2012 range in sales price from $138,000-$209,000. To view Alii Lani inventory and recent sales activity click here. 

For information on these or other units, or to discuss selling your property, contact Marco today!

Kona Market Update: Inventory Down, Sales Up!

Kona’s real estate market continues to gain momentum, as reduced inventory levels and aggressive buyers continue to take advantage of fantastic market pricing.

Our most recent market update via The Griggs Report, shows us that in North Kona’s residential market priced to 4 million,  inventory levels have been reduced 19%  when compared to the same time in 2011.

In the same market, during the same time frame that inventory has decreased, pending sales have increased by 16%.

Decrease in inventory, increase in sales…..you know quite well what is coming next. Increased pricing.

Many Realtors can attest to the fact that we don’t have the inventory we used to. It simply isn’t available. Well priced properties fly off the shelf, and my Alii Lani #F101 unit, currently in escrow, was a great example of this.

I listed the below Alii Lani #F101 condominium Friday August 3, 2012 at 8:11 a.m. Before the end of hour, I had a request for showing. Then a second showing to that same buyer by mid afternoon. The next morning, we had an offer. All parties came to terms Sunday, and we opened escrow Monday morning.

If you are a Buyer in Kona’s current real estate market, DON’T WAIT. Recovery is happening this very moment, and concrete numbers are supporting that.

Don’t be left behind!

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