Business

Real Estate Sales Strong Despite September Slump

October 26, 2016, 8:26 AM HST
* Updated October 26, 8:32 AM
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Sales Data from Hawaii Information Service.

Sales Data from Hawaii Information Service.

As shown in charts obtained from Hawai‘i Information Service, the Big Island’s MLS provider, real estate activity as a whole experienced a September slump, with the number of sales per month dipping below 400 for the first time since February of this year.

Although that trend may make a few Realtors and homeowners uneasy, despite that fall setback, sales activity appears to remain quite strong, especially when compared to data from the previous year.

South Hilo sales volume is considerably stronger than a year prior. Image credit Hussey Appraisal Group Hawaii Inc.

South Hilo sales volume is considerably stronger than a year prior. Image credit Hussey Appraisal Group Hawaii Inc.

According to statistics just released by the Hussey Appraisal Group, although sales volume dipped slightly between the second and third quarter of 2016, sales volume has been robustly healthier than a year prior, rising from 521 sales islandwide to 586, an 11% increases compared to the same time period in 2015.

When compared to two years prior, sales volume has surged approximately 17%. Within those numbers, some neighborhoods were particular standouts.

Third quarter year-over-year sales volume for the South Hilo District (Hilo, Papaikou, Pepe‘ekeo) soared over 23%, with the number of closed transactions jumping from 72 to 94 between the third quarter 2015 and 2016.

South Kohala's sales volume dropped 13% in the third quarter 2016. Image credit Hussey Appraisal Group Hawaii Inc.

South Kohala’s sales volume dropped 13% in the third quarter 2016. Image credit Hussey Appraisal Group Hawaii Inc.

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The Puna District (Hawaiian Paradise Park, Pāhoa, Mountain View, Volcano) as a whole also saw a large increase, with sales volume spiking 26% between third quarter 2015 and 2016 as the number of closed sales rose from 173 to 234.

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By contrast, the South Kohala District (including Waikoloa) experienced a 13% drop year-over-year in third quarter volume, with the number of closed sales dropping from 68 to 77.

Prices there held steady from the previous year’s quarter, and managed to squeeze out a 2% gain.

North Kona, by contrast, has shown remarkable stability in its sales volume, with between 122 to 124 third quarter transactions for the last three years straight, going all the way back to 2013.

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