September 2009 Big Island Market Update
September continues the trend with increased sales of homes in Kailua-Kona and the Kohala Coast over September ‘08 sales. A big improvement was shown in the Kau District, as well, with 15 sales compared to 3 recorded sales from Sept ‘08. Median sales prices continue to slide in most Districts with Kona showing a single family home price of $360,000 for September. First time home buyers are actively pursuing properties to secure a closing before the Dec 1st deadline, so they can take advantage of the $8,000 Federal Tax Credit. Interest rates remain in low 5% range, with some buy-down rates in the high 4% range.
| Big Island Hawaii home Sales Sept. 2008 vs. 2009 |
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| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
1 | 3 | $ 450,000 | $ 250,000 | |
Kohala Coast |
15 | 19 | $ 479,000 | $ 339,000 | |
Kailua – Kona |
17 | 21 | $ 555,000 | $ 360,000 | |
South Kona |
1 | 2 | $ 244,000 | $ 295,000 | |
| Kau | 3 | 15 | $ 156,000 | $ 145,000 | |
| Hamakua Coast |
1 | 0 | $ 1,275,000 | $ 0 | |
North Hilo |
1 | 0 | $ 156,000 | $ 0 | |
| Hilo | 17 | 16 | $ 335,000 | $ 258,000 | |
| Puna | 30 | 44 | $ 190,363 | $ 177,500 | |
| Big Island of Hawaii | 86 | 120 | $ 322,500 | $ 225,500 | |
Same story this month with condos, the Median Sale Prices for Big Island Condos are still declining, while the number of sales are marginally higher compared to Sept ‘08 for the Kohala and Kailua-Kona condo markets. We should see a spike in condo sales as we enter the late Fall and Winter season months, as many folks purchase vacation condos this time of the year. Lower prices and low interest rates are making condos more attractive.
| Big Island Hawaii Condo Sales Sept. 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
11 | 13 | $ 509,000 | $ 375,000 | |
Kailua – Kona |
10 | 13 | $ 290,000 | $ 190,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 2 | $ 87,000 | $ 58,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 25 | 28 | $ 315,000 | $ 315,000 | |
Current Market Conditions as of Oct 1, 2009… There are 591 Single Family Homes on the market for the Kona/Kohala Coast, which is a slight increase from last months 597 active listings, 108 homes in escrow, which is down from last month of 114 and 40 homes sold. At the current buying rate, we have a 14.9 month supply of homes, which is basically unchanged from last month’s 15 month supply.
For Kona/Kohala Coast Condos, there are currently 635 on the market for sale, 42 in escrow and 26 sold in the past month. We have a 24.4 month supply of inventory, which is a small increase from last month’s 23 month supply.
Information on August sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts. search all Hawaii real estate on Hawaiis.com
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 |
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| 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.
July 2009 Big Island Market Update
For the month of July, the number of Kailua-Kona homes sales almost doubled compared to July ‘08 sales and the Median sale price is down about $90,000 to $432,500. In general, Median Sale prices are lower in almost all districts of the Big Island, with exceptions in South Kona and North Hilo.
| Big Island Hawaii home Sales July 2008 vs. 2009 |
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| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
3 | 4 | $ 1,175,000 | $ 930,000 | |
Kohala Coast |
13 | 14 | $ 400,000 | $ 356,500 | |
Kailua – Kona |
14 | 26 | $ 522,500 | $ 432,500 | |
South Kona |
4 | 3 | $ 322,500 | $ 375,000 | |
| Kau | 7 | 3 | $ 218,000 | $ 120,000 | |
| Hamakua Coast |
4 | 1 | $ 307,000 | $ 160,000 | |
North Hilo |
1 | 1 | $ 450,000 | $ 475,000 | |
| Hilo | 19 | 17 | $ 340,000 | $ 257,000 | |
| Puna | 35 | 41 | $ 239,500 | $ 164,900 | |
| Big Island of Hawaii | 100 | 108 | $ 299,000 | $ 261,950 | |
The same story here for Big Island Condo Median Sale Prices… All districts are down and Kailua-Kona shows one of the largest decreases. Kona condo Median Prices are down just over $100,000 from last year, while the number of sold units remained about the same. The number of condo sales on the Kohala Coast is down 50%.
| 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 |
12 | 6 | $ 523,000 | $ 512,500 | |
Kailua – Kona |
14 | 15 | $ 302,000 | $ 200,000 | |
South Kona |
1 | 0 | $ 235,000 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 5 | 4 | $ 159,000 | $ 103,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 32 | 25 | $ 324,500 | $ 200,000 | |
Our Current Market Conditions… There are 609 Single Family Homes on the market for the Kona/Kohala Coast, 104 homes in escrow and 40 homes sold during July. We still have a 15 month supply of homes.
For Kona/Kohala Coast Condos, there are currently 666 on the market for sale, 57 in escrow and 21 sold in the past month. That’s about a 32 month supply of condos, which slightly lower than our last report.
Information on July sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts.
June Big Island Hawaii Real Estate Market Update
For the month of June, the median sales price for a Big Island SFR home decreased about 13% compared to June ‘08. The number of homes sold also decreased from 102 compared to 109 June ‘08. There was a slight increases in units sold on the Kohala Coast and in Kailua-Kona, as some buyer’s seem to be returning to the market and taking advantage of the lower prices and interest rates.
| Big Island Hawaii home Sales June 2008 vs. 2009 |
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| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
1 | 1 | $ 345,000 | $1,850,000 | |
Kohala Coast |
13 | 15 | $ 485,000 | $ 350,000 | |
Kailua – Kona |
22 | 27 | $ 502,500 | $ 435,000 | |
South Kona |
1 | 2 | $ 525,000 | $ 301,750 | |
| Kau | 3 | 3 | $ 165,000 | $ 206,000 | |
| Hamakua Coast |
6 | 1 | $ 397,000 | $ 325,000 | |
North Hilo |
1 | 1 | $ 297,900 | $ 575,000 | |
| Hilo | 21 | 13 | $ 280,000 | $ 280,000 | |
| Puna | 41 | 39 | $ 230,000 | $ 165,000 | |
| Big Island of Hawaii | 109 | 102 | $ 329,285 | $ 285,000 | |
The number of Big Island Condo units sold were down 12% for June, but the median price rose about 3% for June ’09 vs. June ‘08. Most of the condo buying activity is located on the Kohala/Kona
Coast and when we compare the Monthly June ‘08 to ‘09 units sold (-12%) vs. the YTD June ‘08 to ‘09 units sold (-36%), we see a slight improvement in the data. We’ll need to watch this over
time and see if it’s a trend, which may indicate we’re nearing the bottom of the market.
| Big Island Hawaii Condo Sales June 2008 vs. 2009 |
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| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
9 | 9 | $ 420,000 | $ 450,000 | |
Kailua – Kona |
18 | 13 | $ 407,500 | $ 249,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 5 | 6 | $ 157,500 | $ 70,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 32 | 28 | $ 301,702 | $ 310,500 | |
Our Current Market Conditions… There are 622 Single Family Homes on the market for the Kona/Kohala Coast, 101 homes in escrow and 42 homes sold during June. We still have a 15 month supply of homes.
For Kona/Kohala Coast Condos, there are currently 688 on the market for sale, 50 in escrow and 22 sold in the past month. That’s about a 31 month supply of condos, which slightly lower than our
last report. A balanced is considered to be a 6 month supply of pre-existing inventory.
Information on June sales for the Big Island of Hawaii was provided by , Big Island real estate experts. Kurt & Kirsten Carlson
May 2009 Big Island Market Update
The Big Island saw a decrease of about 27% in the median price for single family homes, but saw almost a 7% increase in sales volume for the month of May 2009 compared to 2008.
| Big Island home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| North Kohala | 4 | 1 | $ 609,500 | $1,850,000 | |
| Kohala Coast | 15 | 10 | $ 485,000 | $ 488,000 | |
| Kailua – Kona | 28 | 28 | $ 599,036 | $ 360,000 | |
| South Kona | 3 | 3 | $ 775,000 | $ 634,000 | |
| Kau | 5 | 5 | $ 225,000 | $ 140,000 | |
| Hamakua Coast | 2 | 2 | $ 494,000 | $ 355,300 | |
| North Hilo | 0 | 1 | $ 0 | $ 365,000 | |
| Hilo | 15 | 19 | $ 339,000 | $ 262,500 | |
| Puna | 35 | 32 | $ 207,000 | $ 200,000 | |
| Big Island of Hawaii | 107 | 103 | $ 415,000 | $ 301,000 | |
Condos were down nearly 38% for sales volume and down about 33% in median price for May ’09 vs. May ‘08. Although the numbers are down, it actually indicates a slight improvement when compared to the YTD sales volume for May ‘09 to May ‘08, which is down 56%. This may be a signal that buyers are making purchases with the low prices and continued low interest rates.
| Big Island Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 16 | 11 | $ 605,000 | $ 400,000 | |
| Kailua – Kona | 21 | 15 | $ 355,900 | $ 350,000 | |
| South Kona | 0 | 2 | $ 0 | $ - | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 2 | 5 | $ 203,000 | $ 699,999 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 39 | 31 | $ 450,000 | $ 309,000 | |
Focusing on Single Family Homes for the Kona/Kohala Coast, there are currently 631 active listings for sale, 99 homes in escrow and 41 sold homes during the past month. At the present buying rate, we have a 15 month supply of homes. For Kona/Kohala Coast Condo, there are currently 690 on the market for sale, 54 in escrow and 21 sold in the past month. That’s about a 33 month supply of condos.
Information on May sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.