Big Island real estate market rebounding
The real estate market is growing on the Big Island.
“Real estate rebounded from being at the bottom of the market in the fourth quarter of 2010. The market took off in 2012 and continued into 2013. We expect it to increase through 2014,” Glenn Takase, broker for Day-Lum Properties, said.
Kehau Costa, executive officer for Hawaii Island Realtors, said the market, in general, is “on an uptick.”
“Inventory remains low, meaning when something goes on the market it’s selling really quickly,” she said. “So, it’s a good time to sell your home and 2014 is projected to be even better than 2013.”
Nancy Cabral, president of Day-Lum Rentals &Management Inc., said part of the growth can be attributed to more investors looking to capitalize on what she considers a “lower-risk investment.”
“It’s an investment that doesn’t carry as high of a risk as the stock market,” she said. “With the stock market, you could lose all of it. With real estate, prices may go down, but it’s still worth something.”
Cabral and Takase said they’re seeing a lot of foreign investors on the island, mainly from China, Canada, Australia and New Zealand.
According to information provided by the Hawaii Information Service, the number of residential sales in South Hilo increased by more than 27 percent from 2012 to 2013, while vacant land sales increased by more than 71 percent during that same period.
Puna’s residential sales increased by 18.55 percent and vacant land sales are up 53.55 percent from 2012.
Hamakua residential sales saw a 16.28 percent increase in 2013 from the previous year, with 43 residential sales in 2012 to 50 in 2013. There were 18 vacant land sales in 2013, down one from last year.
Ka‘u’s vacant land sales increased 15.94 percent from 2012 to 2013, from 138 to 160. Residential sales remained about the same, 110 from 109.
Diana Haraguchi, vice president of administration for HIS, said licensed real estate brokers or agents signed up for HIS services provide the data used in the aforementioned statistics.
Data do not reflect the total number of real estate inventory sales on the Big Island.
Statistics were released Jan. 2.
Email Megan Moseley at email@example.com.