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 |
|||||
| 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
September Kauai real estate update
September 2009 home sales volume decreased by 28% from 2008, the medium sales price only fluctuated 5% compared to 2008 Sales.
| Kauai home Sales September 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 1 | $ 0 | $ 325,000 | |
| Koloa | 4 | 2 | $ 600,000 | $ 687,000 | |
| Lihue | 3 | 1 | $ 630,000 | $ 1,275,000 | |
| Kawaihau | 9 | 9 | $ 400,000 | $ 414,000 | |
| Hanalei | 5 | 2 | $ 650,000 | $ 1,005,000 | |
| Island of Kauai | 21 | 15 | $ 525,000 | $ 499,000 | |
September 2009 Condos had an increase in Sales volume of a whopping 75% with a decrease in medium sales price of 31% compared to 2008
| Kauai Condo Sales September 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 1 | 2 | $ 465,000 | $ 525,750 | |
| Lihue | 1 | 4 | $ 545,000 | $ 260,000 | |
| Kawaihau | 3 | 2 | $ 280,000 | $ 325,000 | |
| Hanalei | 3 | 6 | $ 751,500 | $ 585,000 | |
| Island of Kauai | 8 | 14 | $495,000 | $ 337,500 | |
Information on September sales on the island of Kauai was provided by Russell Tucker. You can search all Kauai real estate on Hawaiis.com and get daily emails of new listings as they become available.
August Kauai Real Estate Market Update
Kauai’s real estate market is seeing more activity and buyers seem to be getting off the fence to find great bargains.
August 2009 compared to 2008 Kauai homes saw a larger decrease in sale volume of of 14% and a smaller decrease in the median price range of 11% than July’s numbers.
| Kauai home Sales August 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 3 | 3 | $ 490,000 | $ 471,000 | |
| Koloa | 5 | 3 | $ 565,000 | $ 380,000 | |
| Lihue | 3 | 3 | $ 450,000 | $ 371,000 | |
| Kawaihau | 9 | 8 | $ 485,000 | $ 445,000 | |
| Hanalei | 7 | 7 | $ 1,500,000 | $ 827,500 | |
| Island of Kauai | 27 | 23 | $ 530,000 | $ 471,000 | |
The condo market numbers were promising. August 2009 compared to 2008 Kauai Condos saw an increase in sale volume of and doubling the volume of condo sales and an increase of the median price range of .3%
| Kauai Condo Sales August 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 1 | 3 | $ 825,000 | $ 170,000 | |
| Lihue | 3 | 3 | $ 210,000 | $ 175,000 | |
| Kawaihau | 2 | 2 | $ 318,500 | $ 137,450 | |
| Hanalei | 1 | 7 | $ 731,500 | $ 585,000 | |
| Island of Kauai | 7 | 15 | $ 299,000 | $ 300,000 | |
The increase of the volume of sales will start is starting to stabilize the market. It may be a golden opportunity to get a piece of paradise.
Information on August sales on the island of Kauai was provided by Russell Tucker
July 2009 Kauai Real Estate Market Update
Kauai’s real estate market is directly driven from a supply and demand factor. With the recent reduced price for properties and more volume to choose from this is becoming an ideal time to purchase
July 2009 compared to 2008 Kauai homes saw a small decrease in sale volume of of 7% and a decrease in the median price range of 21%.
| Kauai home Sales July 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 2 | 4 | $ 426,000 | $ 345,000 | |
| Koloa | 6 | 7 | $ 1,454,000 | $ 450,000 | |
| Lihue | 5 | 1 | $ 500,000 | $ 545,000 | |
| Kawaihau | 14 | 7 | $ 517,500 | $ 379,000 | |
| Hanalei | 4 | 8 | $ 1,125,000 | $ 578,000 | |
| Island of Kauai | 31 | 27 | $ 575,000 | $ 450,000 | |
July 2009 compared to 2008 Kauai Condos saw a decrease in sale volume of 6.6 % and a decrease in the median price range of 32%
| Kauai Condo Sales July 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 4 | 5 | $ 515,000 | $ 5995000 | |
| Lihue | 2 | 4 | $ 305,000 | $ 182,500 | |
| Kawaihau | 3 | 2 | $ 315,000 | $ 185,000 | |
| Hanalei | 6 | 3 | $ 830,380 | $ 600,000 | |
| Island of Kauai | 15 | 14 | $ 570,000 | $ 367,500 | |
In Summary with a Decline in prices and more inventory many buyers are coming out an taking advantage of this incredible market of owning in Hawaii.
Information on July sales on the island of Kauai was provided by Russell Tucker
June 2009 Kauai Real Estate Market Update
June 2009 compared to 2008 Kauai homes saw a decrease in volume of sale of 25% and a decrease in the median price range of 27%.
| Kauai home Sales June 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 1 | 3 | $ 352,500 | $ 341,000 | |
| Koloa | 9 | 4 | $ 900,000 | $ 684,500 | |
| Lihue | 3 | 3 | $ 410,000 | $ 390,000 | |
| Kawaihau | 8 | 2 | $ 467,500 | $ 370,000 | |
| Hanalei | 7 | 9 | $ 900,000 | $ 608,050 | |
| Island of Kauai | 28 | 21 | $ 705,000 | $ 600,000 | |
June 2009 compared to 2008 Kauai Condos saw a decrease in volume of sale of 37.5% and a decrease in the median price range of 46%
| Kauai Condo Sales June 2008 vs. 2009 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2008 | 2009 | 2008 2009 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 4 | 1 | $ 782,000 | $ 599,000 | |
| Lihue | 5 | 7 | $ 240,000 | $ 185,000 | |
| Kawaihau | 2 | 1 | $ 380,000 | $ 105,000 | |
| Hanalei | 13 | 6 | $ 830,380 | $ 575,000 | |
| Island of Kauai | 24 | 15 | $ 695,000 | $ 375,000 | |
Information on June sales on the island of Kauai was provided by Russell Tucker
Don’t Cheat Yourself On Your Search
Over the past few years technology has change drastically, and the internet has become the information highway for everything. Searching for Hawaii properties has become a real treat for prospective buyers whether it is late at night or taking a sneak peak at work it has become quick and easy to look for properties wherever you might be in the world.
If you are actively searching for a property and have graduated out of the “Looky Lou browsing stage” working directly with an agent is a must. Most buyers do not realize the great importance and value and not to mention the countless hours of your time that can be saved by utilizing an agent’s knowledge.
Most buyers know what they want in a property, but sometimes there are unknowns about a property or the surrounding area that might not be contained within the information given for that particular listing that might change your mind on making that purchase. To get down to the point of it all, there are so many variable when searching for a property it is always best to speak to an agent for assistance.
Here are some key points that might be over looked if you have not utilized an agent.
Homes
- What type of condition are the surrounding homes in
- Are vacation rental allowed in this location?
- There might be a perfect property listed higher in price just out of your price search but the seller is very motivated and might accept an offer that falls in your price range.
- Do the pictures do this property justice? Sometimes pictures can mirror imperfections and make a property that needs a remodel look very livable.
- “What Climate do you prefer” Hawaii has many micro-climates that vary from very rainy to very dry areas.
- Is this a short sale property, some short sales never get approved by the lenders and are not currently eligible for a purchase.
- There might be a property that is a perfect match and available but is not listed on the MLS or is temporarily off the market.
- Are there swimming beaches nearby?
- Is this the best property for my needs?
Condos
- What are the Maintenance fees?
- Are the maintenance fees for the condo association about to increase a large percentage for any work needed?
- Are vacation rentals allowed in this location?
- Does this come furnished?
- Is this the best property for my needs?
By Russull Tucker – Kauai Specialist
May 2009 Kauai Real Estate Market Update
Kauai saw a decrease of about 15% in the median price and 28% for sales volume for single family prices for the month of May 2009 compared to 2008.
| Kauai home Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Waimea | 2 | 2 | $ 415,000 | $ 449,750 | |
| Koloa | 3 | 4 | $ 860,000 | $ 705,000 | |
| Lihue | 2 | 3 | $ 443,500 | $ 600,000 | |
| Kawaihau | 9 | 2 | $ 525,000 | $ 634,000 | |
| Hanalei | 5 | 4 | $ 850,000 | $ 970,000 | |
| Island of Kauai | 21 | 15 | $ 705,000 | $ 600,000 | |
Condos were down about 31% for sales volume and about 45% in median price for May, but the condo market median price can be easily misunderstood by an increase in sales volume for the lower end condo sale with no sales in the upper end vacation rental market.
| Kauai Condo Sales May 2008 vs. 2009 | |||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 3 | 3 | $ 533,975 | $ 320,000 | |
| Lihue | 5 | 1 | $ 305,000 | $ 180,000 | |
| Kawaihau | 0 | 2 | $ 0 | $ 95,000 | |
| Hanalei | 11 | 7 | $ 876,000 | $ 440,000 | |
| Island of Kauai | 19 | 13 | $ 610,000 | $ 330,000 | |
Information on May sales on the island of Kauai was provided by Russell Tucker a Kauai real estate expert.