Hilo Real Estate

Hilo is a popular destination for tourists and residents alike. It overlooks the beautiful Hilo Bay and is full of luxurious, highly coveted oceanside homes. The Hilo real estate market continued to struggle throughout much of 2009, with prices showing continuous gradual declines in the first three quarters of the year. It remains to be seen whether 2010 can be the year the market picks back up.

The end of 2009 showed optimistic signs that perhaps the market is out of its lowest stages, at the median price finally rose in the year’s fourth quarter after falling in the five out of the last eight quarters. The median price rose to above $250,000, to $263,750, according to local realtor Kevin Lewis’s statistics.¬† However, market activity in Hilo fell in the fourth quarter after rising in each of the year’s previous three quarters.

In the fourth quarter of 2009, according to Hilo’s Prudential realty office, there were 182 active Hilo homes for sale, listed at a median price of $379,000. Meanwhile, there were 28 pending sales closed at a median price of $282,450. The quarter accounted for 48 sales, coming in at an even lower median price of $255,000.

In the first months of 2010, real estate volume first fell drastically in January before steadily rising back up in February. January’s sales figures fell to just over 40, the lowest monthly sales figure in a year. Land sales, which have been sliding in volume since the fall, also picked up in February and began to rise again. As the government continues to offer its tax-rebate incentive to homebuyers, the local real estate market will be helped out, and it remains to be seen how the market will fare once the stimulus program ends, as it is unlikely that the U.S. will have emerged from all its financial difficulties by then.