Big Island Hawaii Real Estate Market Report

Buyers are always looking for a "good deal". Many who are buying properties today are planning for an early Hawaii retirement or for investment understanding that real estate markets are cyclical. My survey of recent sales show that sale prices average about 95% of asking prices. We are seeing a lot of cash sales these days.  I don't see cash sales getting a bigger discount, but your offer will look better when you can close in 30 days instead of 60 days for a loan. "Contingent Upon Sale" and "Low-Ball Offers" are rarely accepted in our market. Inquiries from want-to-be residents continue to keep many of us agents busy, so we know the demand is there. Buyers who wait too long trying to time the market may find themselves saying, "I could have, would have, should have..." bought when it was a Buyer's market!

Sellers are saying "I didn't get as much as I wanted, and it took longer than I thought - but I sold!" The prices of Big Island real estate sales are still below our all time highs, but the number of sales have been within our 10 year average. My recent count show a range of 20% to 30% of the residential properties on the market in escrow, and about 5% to 10% of the vacant land parcels in escrow. It's worth it to put the property online if it is priced right. It's the "Lets try 20% above the market recent sales to see what happens" that disappoints Sellers when their property does not sell as fast as they would like.

Attitudes are changing about the improving Hawaii economy and our local Hawaii Island real estate market. This should help this be a another good year for Big Island Hawaii real estate sales.

Kevin E. Lewis is a Hawaii Real Estate agent with Coldwell Banker Island Properties - Hawaii Island