Information for Buyers: Looking for a home, land, farm, nursery or commercial property?
It's a Buyers Market

Update: January 23, 2007
1. It is a buyers market. The number of sales per month in 2007 is down significantly from 2006. There is a large selection of homes and vacant land on the market. We still see a number of price reductions every week. The majority are overpriced properties that are being repriced closer to a realistic sale price. A few are being priced to sell quickly and buyers can find good bargains now. However, most properties are selling within 5% to 10% of the list price.
2. The local market on the east side of the Big Island saw a 4% to 5% decrease in median sale prices for homes. We have not experienced the dramatic price drops seen in California, Nevada, Florida, and other areas of the mainland. In some areas, the median sales price of unimproved land decreased decreased by about 25%. However, some of this has been due to buyers choosing lower priced properties which are often smaller lots. Specific properties will require a specific CMA ( comparative market analysis) for an accurate valuation.
3. The current market appears to be relatively stable. If the credit markets stabilize, a significant depression of sales prices is not expected. If we see a decrease in sales prices in 2008, it is expected to be minimal. However, it will be necessary to continue monitoring availability of mortgages and local economic conditions.
4. Hilo has a large University of Hawaii campus, Veterans Hospital, USDA Research station, port (cruise ships visit 1 or 2 times per week). Areas surrounding Hilo are mostly agricultural with a wide variety of tropical crops under cultivation. There are beach parks near Hilo and a few in Puna. Hawaii Volcanoes National Park is approximately 25 miles from Hilo. There are several tropical gardens located in Hilo and north of Hilo.
5. Kona & Kohala districts have the best beaches on the island. There are a number of resorts and new condomimium developments. If you are looking for resort properties, South Kohala and North Kona will be the best areas to start. Kona and South Kona districts are world famous for coffee production; most orchards are located at elevations 1,000 ft. or more.

Graphs showing median sales prices and number of sales are in .pdf format. Most browsers have the Adobe Acrobat Plug-in installed and the files should open in IE and Safari. If you have trouble viewing the Sales data graphs, go to www.adobe.com and download the free Adobe Acrobat Reader. On Macs these files will open with Preview.
Hilo Homes: Median Sale Prices 2005-2007
Puna Homes: Median Sale Prices 2005-2007
Hilo Land: Median Sale Prices2005-2007
Puna Land: Median Sale Prices 2005-2007

Steven M. Starnes, Realtor Salesperson Prudential Orchid Isle Properties 101 Hualalai Hilo, HI 96720 Cell: 808-333-0505 Office: 808-969-7863 Toll Free: 800-789-4753 © 2005, An independently owned and operated member of Prudential Real Estate Affiliates, Inc is a service mark of The Prudential Insurance Company of America. Equal Housing Opportunity.

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