Download the November Griggs Report here: Griggs Report – November 30, 2012
North Kona Residential Real Estate Market Trends to $4M
Hawaii Island Market Trends: Declining Inventory
The year-over-year decline in residential inventory for North Kona homes priced to $4M stands at 204, down from 260 on Nov. 30, 2011. This is a 22% decline. On page 7 of the report for November there is a comparison of inventory declines in some key West Coast market areas. Major California cities are showing more than a 30% decline in inventory year-over-year.
The statistic to note in conjunction with this low inventory is that pending sales are up 45% from the same date a year ago. This is the highest number of residential pending sales since November 2005.
Hawaii Island Distressed Property Update
There has been a slow declining trend in the number of residential REOs and short sales for sale in most market areas around the Big Island. Since the last report, Waikoloa shows the greatest decline, down 6%. Kona is unchanged and Puna increased by 1%. The lowest number of distressed properties is in Hilo, which averages 19%, down from its peak of 29% in the fall of 2011. Kona is currently is averaging 29%. That is down from 44% in the summer of 2011.
The Griggs Report is published bi-monthly by Michael B Griggs, R of Clark Realty’s Kailua-Kona office.