If you happen to fly out of Hilo any time soon, you may get the impression that real estate sales must have really tanked because low and behold, from time-to-time, you’ll see me manning the register at Uncle Miles Laniakea Express. Truth is, I’m happy to be there because after 2.5 years of negotiating and planning, Miles and I have finally opened a much needed food and beverage kiosk inside the secure area of our great little airport. And just to underscore that things aren’t as bad in real estate as you might think, here’s how we did this year compared to last:
# Res Sales Med Res $ % change # Land Sales Med Land #
Mar 08/09 Mar 08/09 Mar 08/09 Mar 08/09
Puna 31/40 235.5/197.5 +30% /-17% 96/47 37,000/26,500
S. Hilo 13/9 349k/373.5 -31%/+7% 3/6 272.5/180,000
You’ll note that there were improvements in some segments. Here’s a quick look at the situation in selected neighborhoods:
#Active/Median # Under Contract # Sold since 1/1
$ Active Median $ Med $ Sold
HPP 147/285,000 40/210,900 35/215,000
Ainaloa 51/187,500 11/160,000 8/140,000
Leilani 24/239,000 2/209,000 3/190,000
Nanawale 19/145,950 2/154,750 5/110,000
Mauna Loa Est 13/229,000 1/198,000 1/240,000
Royal Hwn Est 11/199,000 0 1/149,900
Fern Acres 16/201,750 2/183,499 7/237,000
S. Hilo 179/380,000 29/269,000 24/315,750
N. Hilo 38/622,500 2/275,000 2/503,000
When comparing this year to last, the most interesting thing is the fact that inventory levels have declined in many areas. This time last year, there were 193 homes for sale in HPP (147 now), 64 were for sale in Ainaloa (51 now) and Leilani had 35 as compared to the current 24. This trend appears to be pretty much across the board. Remember, if you are trying to time the market, a reduction in inventory is usually the first indicator of market change and price stabilization. The positive changes aren’t widespread but if they continue, they will be very significant. So there you have it, whether you at the airport or checking out the local real estate scene, there’s a good chance you may run into me and even when you see me helping my sweetie at the airport, feel free to stop by. After all, I’m always happy to wala`au about real estateJ