November 2010 Big Island real estate market update

The total number of Big Island residential sales dropped almost 8% this November vs. November '09, but the Year-to-Date sales are actually up nearly 22%.  The only areas that report gains for November are North Kohala and South Kona, up 200%, and Kau, which was up 150%.  Median Sale prices dropped in most areas of the island and buyers are taking notice.  Many visitors are on the Big Island shopping now for their retirement homes and locking in lower prices.  Many of the foreclosure listings that were pulled from the market, so the Banks could double check they processed the foreclosures correctly, are starting to return to the active listing market.  I expect an increase for the next two months on available inventory as Banks re-release inventory and perhaps we'll further price reductions as Banks compete to sell off the Bank owned property.

Big Island home Sales November 2009 vs. 2010
	Homes Sold
Neighborhood	2009	2010	Median Sale Prices
North Kohala	2	6	$ 389,500	$ 289,000
Kohala Coast	18	17	$ 274,000	$ 285,300
Kailua – Kona	35	30	$ 420,000	$ 404,000
South Kona	1	3	$ 402,000	$ 210,000
Kau	4	10	$ 183,500	$ 160,000
Hamakua Coast	3	1	$ 294,000	$ 255,000
North Hilo	3	0	$ 450,000	$ 0
Hilo	14	14	$ 290,000	$ 305,000
Puna	36	26	$ 190,700	$ 138,868
Big Island of Hawaii	116	107	$ 285,000	$ 255,500

Big Island Condo sales for of November '10 slightly better than Nov '09 with 2 more transactions, for a total of 28.  Kailua-Kona and the Kohala Coast showed increases of 21% and 29% respectively.  And, the Median condo prices reported an increase in both area, Kona up 36% and Kohala Coast up 6%.  We're seeing interest from investors and especially from the Canadian buyers, since the dollar exchange rate is favorable to Canadians

Big Island Condo Sales November 2009 vs. 2010
	Condos Sold
Neighborhood	2009	2010	Median Sale Prices
North Kohala	0	0	$ 0	$ 0
Kohala Coast	7	9	$ 442,000	$ 470,000
Kailua – Kona	14	17	$ 208,000	$ 282,000
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	2	$ 122,000	$ 14,000
Puna	0	0	$ 0	$ 0
Big Island of Hawaii	26	28	$ 265,000	$ 295,000

Current Market Conditions as of December 8, 2010... There are 494 Single Family Homes on the market for the Kona/Kohala Coast, which is an increase  from last month's 480 active listings.  There are 159 homes in escrow, which is 5 more than last month's 154 and 47 homes sold vs. 46 last month.  At the current buying rate, we have a 10.5 month supply of homes, which is a little more than last month's 10.4 month supply.

Of the 494 Single Family Homes on the market, 35 are Foreclosure Listings and 45 are Short Sale Listings.

For Kona Coast Condos, there are currently 488 on the market for sale, which is more than last month's 481.  There are 123 in escrow, which is up from 113 last month and 26 sales, down from 28 sales last month.  We have a 18.8 month supply of inventory, which is an increase from last month's 17 month supply.

Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.