Market Conditions Report – Hilo

Market Conditions Report

* Hilo *

You asked for it!  We’ll now be periodically providing Market Condition Reports on specific areas on the Big Island, and we’ll start with Hilo …

Area Characteristics: Hilo is located on the east side of the Big Island of Hawaii. It is the second largest city in Hawaii with a population of approximately 60,000. Generally this is a lush green area with fair amounts of rainfall. The population makeup tends to be more local (native Hawaiians) then that of the Kona area, or west side of the island. The county, state, and federal offices are all located in Hilo, as well as the University of Hawaii at Hilo, a major contributor to the local economy and culture.
     For the individual thinking of relocating to Hilo, you will find the people warm and friendly, and there are numerous opportunities. Unemployment is extremely low, and well paying jobs may be hard to find. On the other hand housing is relatively affordable when compared to other parts of Hawaii or the continental U.S.
     If you are looking for a small town feel with all the amenities of a larger city, Hilo is the place to be.

Buyer’s or Seller’s Market: On a scale of 1 to 5, with 1 being a buyers market and 5 being a seller’s market, Hilo is at a 2. This is a buyers market.

Recent Price Trend: On a scale of 1 to 5, with a 1 reflecting sales prices down and 5 reflecting prices up, Hilo is “Down”, with a rating of 2.

Market Report Narrative:
Hilo has not really been affected by the market downturn over the past 1.5 years. Sellers are still listing their properties at nearly the same price range as last year. The difference is, there is greater inventory on the market, and sellers are often willing to take less than asking price in order to move their properties. Over the last year those properties that were listed on the MLS in the Hilo area (up to 1 million) sold for an average of $375,434. Currently, there are 143 properties listed that fit this description, with an average listing price of $428,059. As these properties linger on the market, most of these sellers will accept less. While this is definitely a buyer’s market sellers, particularly those of high end properties, are still getting fair value.

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