Pictured home: 941 Kupulau Rd, Hilo HI 96720
Maybe, maybe not! No matter how you look at it, the chart shows some pretty interesting information. It’s hard to wrap your head around the fact that the median price of a home in Hilo is hovering around $550,000. It’s even more astonishing that the median price of homes under contract in Hilo and HPP are so close.
Return to Lealani Estates
Put your finger on the median price of a home in Ainaloa, go left and consider where this number was a year ago! As prices trend up in Ainaloa, budget-minded buyers are looking in Nanawale and guess where else…Leilani Estates, which is actually out performing Nanawale.
Just four short years ago we all felt the rumble that signaled mounds of lava about to cover much of this beautiful neighborhood (and Kapoho, of course). You can actually stand in the yards of some Leilani streets and look at three stories of lava. Despite the fact that insurance is scarce and much more expensive, buyers still love Leilani. For this reason, I will once again start tracking this area.
Sales Continue to Soar
As predicted, inventory is causing constraints in sales numbers…prices, not so much. Not even rising interest rates have suppressed demand. Come to think of it, neither has gas trending over $5 per gallon as witnessed by the total lack of inventory at Volcano Golf and Country Club. Homes in that area continue to be snapped up. The re-opening of the picturesque golf course will only encourage buyers to consider the area.
Remember, to calculate the number of active listings, combine the number under contract with active listings. This total is a bit misleading because most homes under contract will actually move to close. Most telling in the under contract category is the median price. With most homes selling at or above asking, the under contract number indicates that prices will continue to trend up. Even areas where prices decreased last quarter (see previous report) over this, decreases likely lie squarely on lack of inventory.
It’s a lot to take in for sure. Feel free to contact any member of Hawai`i Life – Team Nakanishi for a more detailed discussion. Don’t see your neighborhood here? Just let me know and I’ll set you up for complete and tailored information on any neighborhood on Hawai`i Island! Even with masks off and things feeling closer to normal, life in the real estate world continues to evolve.