Focusing on the Kailua Kona area, although we sell island wide, the bulk of our sales are here in Kona, so looking at North Kona numbers, it shows we have slowed some, actually <-22%> , in the “number” of sales. But all you have to do is look over at “median price” and that tells the real story – UP 19% . It has priced a lot of people right of the market, or put them into Condos (condo report will be out soon) Can you imagine an increase in your mortgage by 1/5? That is exactly what happened here. It will be interesting to see what February brings us.
How did we do in 2015?
“Overall, a resilient U.S. economy and very solid job growth in recent years made 2015 a great rebound year for the housing market.
Existing-home sales were at the highest pace (5.26 million) since 2006 (6.48 million) and the Pending Home Sales Index came in at an average of 108.8, the highest annual reading since…you guessed it: 2006 (111.7).”
“With the December report on housing starts and permits, preliminary totals for 2015 are now available. Total housing starts at 1.11 million were up 10.8% in 2015 compared to 2014. Single-family starts were up 10.4% to 715,300. All four census regions also experienced increases in single-family starts for 2015.”
What can we expect to start 2016?
“All indicators point to this spring being the busiest since 2006…
Demand for for-sale housing will grow and will continue to be dominated by older millennials, aged 25 to 34. This demographic has the potential to claim a third of home sales in 2016 and represent 2 million home purchases.”