The Hawaiian real estate market is showing improvement in price as we progress through the spring months. This is mainly because of the short supply of homes for sale and a current surplus of buyers. While we don’t want the market to suddenly shoot up, a steady improvement is always nice.
According to the MLS Database residential real estate sales volume rose 30% on the Big Island in March. That’s a substantial increase when compared to last year. Sales volume in March 2012 was at $54.8 million and it rose to $71.1 million in March 2013.
Sales of land went up 30% in March as well. As of the year-to-date we’ve seen a 15.7% increase in sales volume of land. On the other hand, sales of commercial property went down 55.6% for the year-to-date. Nine commercial property sales were made in 2012 and there has only been four on the Big Island this year so far.
As of the year-to-date the median sales price of residential property is up 17.4%. Land median sales price has increased 3.3%. And the median sales price of commercial property has gone up 27.3%.
What do all these numbers mean? Well, we have a large demand for property, but our inventory is low (thus the increase in median sale price). With improved confidence in the economy and the real estate market we can see that buyers are currently more willing to purchase homes. As long as sellers price to market we should continue to see an improvement through the spring and on through the rest of the year.
Still finding these numbers confusing? If you’re interested in buying or selling a home, but unsure if now is the right time, don’t hesitate to get in contact with me. I’ve been in the business for over four decades and would love to answer your questions. Get in touch with me at MacArthur Sotheby’s International Realty.