Big Island, Hawaii Experiencing 50% Increase in Vacant Land Sales
Hawaii Island’s real estate market is experiencing an overall rebound in sales. Hawaii Information Services reports, that in 2012, there were 1,044 vacant land parcels sold in comparison to 1,577 vacant land parcels sold in 2013. With an increase of just over 50% increase in vacant land sales, the island’s listing inventory continues to dwindle. According to the 2013 – 2014 Hawaii Island Economic Forecast recently published by First Hawaiian Bank, Hawaii Island’s real estate market is in recovery mode. The report includes an analysis provided by Putty Clark and Mark Griggs, stating that bank owned properties are down from 30%-40% (depending on the market area) to 15%-28%.
What does this mean to you? If you have been contemplating making a real estate investment, now is the time to do it. Although the market trends are starting to shift in favor of sellers, we continue to see ample opportunities and price reductions for buyers to take advantage of.
Significant Price Reductions on 3 Lots – Puako Bay, Big Island
Located between the Mauna Lani and Mauna Kea Resort areas, Puako Bay offers some of the last few remaining oceanfront homesites in the area. Lot 5, consisting of just under an acre, was recently reduced by $805,000 to a current list price $2,995,000.
Lot 5, Puako Bay, Big Island (MLS# 262975)
Lot 1, Puako Bay, Big Island (MLS# 264795)
Based on 2013 market trends, the forecast for 2014 continues to look promising. Market reports continue to indicate that Hawaii’s real estate prices may have reached an all time low as the market is slowly trending towards price increases. In comparison of 2011 or 2012, it is apparent that real estate deals are starting to become less frequent.
I strive to keep my clients up to date with new listings and price changes to make each individual property search a seamless experience. For a list of all properties for sale, please contact Carrie Nicholson, BIC.