There are now 89 houses for sale in HPP

[Punatang]

Great news for HPP home shoppers.  The total has increased for the weekend to 89 Homes on the market in HPP.  Happy hunting.

https://www.realtor.com/realestateandhom...e/pnd-hide

[Durian Fiend]

Hawai‘i Island Home Sales
177 in April 2024
164 in April 2023
+ 7.93%
Hawai‘i Island Median Price
$533,000 in April 2024
$447,500 in April 2023
+ 19.11%

https://www.thegardenisland.com/.../home-sales-leap.../

[leilanidude]

I have been noticing a few real estate agents recently who are posting on social media, house closures and there have been a number of them in HPP. Are more going on the market as fast as they seem to be selling them?

[Punatang]

more going on the market as fast as they seem to be selling them - El dudarino

Pretty much Dude.  For the last 30 days at least, they have been coming on the market faster than they are selling.

Please note that the numbers below are not static so when you click a link, the numbers will likely have adjusted since the time of this posting.

17 have closed in the last 30 days.  All of them in the lower price range (5s and under) with two exceptions. https://www.zillow.com/homes/recently_so...%3Atrue%7D

26 have come on the market in HPP in the last 30 days.  https://www.realtor.com/realestateandhom...ide/dom-30
86 total on the market today in HPP.  https://www.realtor.com/realestateandhom...e/pnd-hide

86/17= about a 5 month supply in theory.  The reality is that some savvy sellers are coming to market, pricing to win, and in many cases bypassing the large lump of stagnant homes. So some sell pretty fast still. Most languish.

[Punatang]

Here is a good example of a seller positioning for the market we have now.  https://www.zillow.com/homedetails/15-14...9719_zpid/?

I used Herr Chunkster's Realtor.com to ensure that it's not a foreclosure. https://www.realtor.com/realestateandhom...-list-card

When there is so much supply and so little demand, prices adjust.

In all likelihood that one will be under contract quickly.  It will close and be added to the new set of recent comparable sales that agents and appraisers use to value other properties. Little by little more and more air escapes from the balloon.

[terracore]

Not necessarily. One of the strategies used is to deliberately underprice a property to create a bidding war. This recently happened in HPP and the accepted offer price was substantially higher than the listing price and it went contingent in just a few days rather than weeks or months if they had listed it at the accepted offer price. It a strategy more commonly used in a sellers market, but it can work in cooler markets too.

[Punatang]

Excellent point.  Here is one of those.  It still went for $316/SQFT which is where the market is headed.

https://www.zillow.com/homedetails/15-19...5972_zpid/

If a person really wants this one https://www.zillow.com/homedetails/15-14...9719_zpid/, they may add a bit to the price on the offer.  But without all of the mass psychosis bidding war, me first frenzy going on all around us, most people aren't going to do anything stupid. There are 100's of other houses to look at in Puna LZ3.

Demand is weak. Supply is overflowing.

[HereOnThePrimalEdge]

Here is one of those.

When I see photo #19, a big chunk of drywall patched in the hallway, mud, no paint, I wonder:
* What happened there?
* What else happened that I don’t see?
* Why did the realtor post that picture when clearly s/he didn’t have to?

[Punatang]

Why did the realtor...

Books could be written.  

As you, Edge, illuminated in an earlier post somewhere in some thread, the old system is swiftly coming to an end.  There might be a good reason or two for that.

[terracore]

Here is one of those.

When I see photo #19, a big chunk of drywall patched in the hallway, mud, no paint, I wonder:
* What happened there?
* What else happened that I don’t see?
* Why did the realtor post that picture when clearly s/he didn’t have to?

And is it just me, or does that look like an outdoor flood light in the ceiling fan?




I fixed the drywall patch.  And the room needed some colors on the walls

* photo has been digitally altered and not representative of an actual real estate listing