Mortgage News

Mortgage Hawaii - August Market Update

September 18th, 2017 5:19 AM by Heidi Lawler

If you are looking for a mortgage in Hawaii, you have come to the right place! As a trusted mortgage professional who is familiar with the local area, you can trust me to help you find an affordable financing option for the purchase of your dream home!

The mortgage process and local real estate market both influence each other which is what makes it so important for me to continuously update my knowledge on local market news and trends. I can use this information to help my clients get the most competitive rates available and to help them find a home in the perfect location!

 

Over the last year, the median sales price of homes in Hilo rose 8%, or close to $25,000, from $315,000 in the third quarter of 2016 to $340,000 in the third quarter of 2017. While this increase does show that prices are up as a total of all property types, there are property types that have seen decreases in median prices on a year to year basis.

 

One bedroom and four bedroom homes both saw prices drop as we compare the median sales price from the months of May – August for 2016 and 2017.

 

In 2016, one bedroom homes were selling for a median price of $133,000. These homes are now selling for a median price of $130,000. Similarly, in 2016, four bedroom homes were selling for a median price of $472,500 but are now selling for a median price of $457,500. 

 

On the other hand, median sales prices for both two and three bedroom homes did rise on a year to year basis.

 

At the end of August, according to househunt.com, there were still about 114 single-family homes and 29 condos or townhomes available for sale in the Hilo area. 

 

Give me a call today at (808) 494-5789 to take advantage of these lower prices on one and four bedroom homes or to find out more about what mortgage is right for you!

Source: https://www.trulia.com/real_estate/Hilo-Hawaii/market-trends/

Posted by Heidi Lawler on September 18th, 2017 5:19 AM