August Big Island Hawaii real estate maket update
For the month of August, the number of Kailua-Kona home sales exceeded August '08 sales, so we might be seeing a trend of increased homes due to lower prices and interest rates. The Median sale price continues to slide, now down to $400,000. The Median Sale prices continue to drop lower, but we may be nearing the bottom, especially if sales continue to increase.
| Big Island Hawaii home Sales July 2008 vs. 2009 |
|||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 1 | $ 0 | $ 1,167,550 | |
Kohala Coast |
17 | 17 | $ 445,000 | $ 375,000 | |
Kailua – Kona |
12 | 19 | $ 492,500 | $ 400,000 | |
South Kona |
3 | 4 | $ 342,000 | $ 421,450 | |
| Kau | 2 | 5 | $ 227,000 | $ 150,000 | |
| Hamakua Coast |
0 | 2 | $ 0 | $ 212,500 | |
North Hilo |
1 | 0 | $ 143,000 | $ 0 | |
| Hilo | 18 | 13 | $ 327,500 | $ 320,000 | |
| Puna | 34 | 36 | $ 230,000 | $ 178,750 | |
| Big Island of Hawaii | 87 | 98 | $ 320,000 | $ 310,950 | |
The Median Sale Prices for Big Island Condos are still declining and the lower prices are generating more sales along the Kohala Coast... Kailua-Kona shows continued decline in it's Condo Median Price, dropping from $292,500 in Aug '08 to $205,000 for Aug '09. The number of condo sales in Kona is down and we may see more downward pressure on condo prices, since many lenders are requiring larger down payments for condos classified as vacation condo or condo-tels.
| Big Island Hawaii Condo Sales July 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
7 | 13 | $ 433,000 | $ 380,000 | |
Kailua – Kona |
18 | 15 | $ 292,500 | $ 205,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 85,000 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 7 | 8 | $ 185,000 | $ 52,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 32 | 37 | $ 287,000 | $ 205,000 | |
Our Current Market Conditions... There are 597 Single Family Homes on the market for the Kona/Kohala Coast, which is a slight drop from last months 609 active listings, 114 homes in escrow, up from last month of 104 and 36 homes sold. We have a 16.5 month supply of homes, which is up slight from last month's 15 month supply.
For Kona/Kohala Coast Condos, there are currently 651 on the market for sale, 47 in escrow and 28 sold in the past month. We have a 23 month supply of inventory, which is a large drop from last month's 32 month supply of condos.
Information on August sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts.
Hawaii Realty International