Hawaiian Paradise Park Market Data

Market update for Hawaiian Paradise Park subdivision in Keaau, Hawaii. Data from Hawaii Information Service on 7/21/2009.

Located near Hilo this 8800 lot subdivision is mostly 1 acre lots with a few 1/2 acre lots it is about 40% built out.

Land: Number of Active Listings: 159 Lowest List Price: $29,000 Median List Price: $54,000 Average List Price: $70,946

Land: Number of Pending Sales (ie. in Escrow): 22 Lowest List Price: $26,900 Median List Price: $48,250 Average List Price: $46,300

(With Pending Sales,we won't know the sale price in the contract until the transaction closes)

Land: Number Sold (1/1/2009 to 7/21/2009): 59 Lowest Sale Price: $21,000 Highest Sale Price: $107,000 Median Sale Price: $35,000

Average Sale Price/List Price= 86.9%

Homes: Number of Active Listings: 136 Lowest List Price: $103,000 Highest List Price:$1,980,000 Median List Price: $279,000 Average List Price: $321,840

(I removed 3 obviously unpermitted structures from the active listings)

Homes: Number of Pending Sales: 52 Lowest List Price: $109,900 Highest List Price: $395,000 Median List Price: $199,000 Average List Price: $206,060

Homes: Number Sold (1/1/2009 to 7/21/2009): 80 Lowest Sale Price: $95,000 Highest Sale Price: $510,000 Median Sale Price: $215,000 Average Sale Price: $217,455

2 un-permitted structures were removed from the low end.

In this subdivision, the market is being driven by short sales and foreclosures. It appears that we are hitting a bottom in the market for this subdivision. There are relatively new (less than 5 years old) 3 bedroom 2 bath homes priced around $200,000 and in good condition. A few are priced below $200,000.