More on 2024!

I was a bit torn as to which comparison would be most meaningful. Comparing last year does help demonstrate market direction, but if I compare the 1st quarter of this year to the current quarter, there are some important emerging trends.

For instance, last quarter there were 53 active listings in Hilo and 77 in HPP (two of our most active markets). This number is steadily increasing. Over the past year, the number of properties for sale has been constrained because sellers had few options for a replacement coupled with increased interest rates. It seems both buyers and sellers have realized that rates are where they will be for a while. Buyers are buying often at higher prices, which encourages sellers to list.

Interestingly, we still see sales in Hilo over $1 million and sales over $800,000 are still occurring off the ocean in HPP. Days-on-market seem to be creeping up across all areas with an average of 61 days overall. New homes in HPP and Ainaloa are proving a big draw. Ainaloa is especially popular with local buyers who can buy with zero down and payments about the same as rent. New shopping in Pahoa is a huge plus.

Nanawale and Hawaiian Beaches areas offer affordable pricing, but insurance prices remain an issue. Lot prices in Hilo average around $280,000, which makes spec building in town less attractive. New construction in Hilo is mostly end users. The supply and demand numbers still show very strong demand.

Don’t see your neighborhood? As always, feel free to give us a call or drop us an email so we can deliver your personalized PROPERTY REPORT directly to your inbox. It’s free and no one will call. Don’t do computer? No problem. We’ll even snail mail the information if you wish. Whether buying or selling, Team Nakanishi is always here to help.

Onward to Quarter 3!

*Thanks to Hawaii Information for the data included here.