Did the most recent eruption of Kilauea cause a dip in the real estate market? Not that we know of, but the market continues to burn as hot as the caldera right now.
Lance Owens, REALTOR and President Elect for the West Hawaii Association of Realtors and I filmed the West Hawaii Market update on Thursday, October 7th a live event for our home buying Facebook group and “365Hawaii Real Estate Minute” YouTube channel.
Here are the numbers and some thoughts on the market:
5. As people flee the cost of single family homes and purchase land instead, land prices have increased 127% year over year. Year to date, median land price is $500k, but year over year it is $1,750,000.
Here is the video we created discussing the stats and a few issues going on in the industry about getting offers accepted during a multiple bidding war:
I read a report on the national news that homebuyer sentiment is pretty low right now as buyers believe prices and demand have to fall at some point here, but the national economists are saying that is not true, as there is still buyer demand that will outstrip supply simply because construction can’t keep up.
is working with three clients looking for condos in Kona and all of them have been out bid on their offers.
In East Hawaii, one of our referral clients just opened escrow on a home in Hawaiian Beaches for $350k. She was the first offer, needed a mortgage and got the house. So, depending on where you are looking, and in which price range, will determine how much competition you will face.