Is It As Bleak As The Chatter?
In taking a deep dive into the current Market Stats for the Hamakua Coast, it would appear, at first glance, there isn’t much to be excited about when it comes to sales because the number of sold units is so low. But, looking at a January 1 through September 11, 2024 to 2025 comparison, the Hamakua IS holding its own!
As of September 11th, 80 single and multi-family residential properties have sold compared to 71 for the same time period in 2024. Sold land listings total 38 compared to 31 for the same time period in 2024. The comparison we can’t make is in Active and In Escrow listings. Currently, there are 61Active single and multi-family residential properties, and 25 In Escrow. Active land listings come in at 50, with nine land listings In Escrow. We do know that the DOM (Days on Market) are longer, meaning sellers can expect their properties to take longer to go into escrow and close, especially if they aren’t priced according to what the market will bear.
The island wide real estate market strengthened in the second half of August, with a spike in new escrows for both single-family homes and condos—314 compared to 275 the month prior (+10%). This increase brought faster days on market and more stable pricing. Properties near the median price of their respective neighborhood continue to sell quickly, while higher-priced homes are somewhat lagging. With the peak sales season right around the corner, now is the time to wrap up home improvement projects if you plan to list before the end of the year.
TIP: This is no time for sellers to ask for a premium! Although comps for the Hamakua Coast are challenging to find, we can definitely get a good idea as to best pricing by looking at Sold properties, their price per square foot for the home, plus special amenities, with consideration for Market Value as noted on each property’s County Records.
When listing, if sellers can take emotion out of the equation, with excellent property prep and marketing, a ready, willing and able buyer shouldn’t be hard to find!
For buyers, have your Pre-Approval lender letter or Proof of funds in hand, with the option of making an offer contingent on the sale of your current home or land! Sellers are again considering this age-old practice.
