Big Island home sales decreased slightly in many locations compared to April '10. Areas that reported fewer sales are: North Kohala (-80%), Kohala Coast (no change), Kailua-Kona (-14%), South Kona (-25%), Kau (-18%), and Puna (-33%). The Big Island in total reported fewer home sales (-20%). Median sales prices continue their downward pressure in areas where we see most of the sales occurring. Median prices declined in: North Kohala (-45%), Kohala Coast (-8%), Kailua-Kona (-10%), South Kona (-32%), Kau (-17%), and Puna (-11%).
| Big Island home Sales April 2010 vs. 2011 | |||||
| Homes Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 10 | 2 | $ 675,000 | $ 370,000 | |
| Kohala Coast | 15 | 15 | $ 329,000 | $ 300,000 | |
| Kailua – Kona | 44 | 38 | $ 410,000 | $ 368,000 | |
| South Kona | 4 | 3 | $ 400,000 | $ 270,000 | |
| Kau | 11 | 9 | $ 145,000 | $ 121,000 | |
| Hamakua Coast | 1 | 4 | $ 275,000 | $ 354,900 | |
| North Hilo | 1 | 1 | $ 560,000 | $ 750,000 | |
| Hilo | 13 | 17 | $ 250,000 | $ 247,500 | |
| Puna | 70 | 47 | $ 168,750 | $ 150,000 | |
| Big Island of Hawaii | 169 | 136 | $ 239,900 | $ 259,950 | |
Big Island condo sales where mixed in the two major markets compared to Apr '10. Sales were up slightly on the Kohala Coast (+14%) and down in Kailua-Kona (-33%). The Big Island in reported fewer total sales (-18%). Median sale prices declined in these markets too with reported medians prices in Kohala Coast (-10%) and Kailua-Kona (-24%).
| Big Island Condo Sales April 2010 vs. 2011 | |||||
| Condos Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 0 | 2 | $ 232,000 | $ 510,000 | |
| Kohala Coast | 14 | 16 | $ 352,000 | $ 318,500 | |
| Kailua – Kona | 27 | 18 | $ 236,000 | $ 180,000 | |
| South Kona | 0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 3 | 2 | $ 120,000 | $ 33,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 44 | 36 | $ 260,000 | $ 262,000 | |
Current Market Conditions as of May 8, 2011... There are 473 Single Family Homes on the market for the Kona/Kohala Coast, which is an increase from Mar '11 of 469 active listings. There are 156 homes in escrow, 12 less than last month's 168 and 53 homes sold vs. 66 last month. At the current buying rate, we have a 8.9 month supply of homes, which is more than last month's 7.1 month supply.
Of the 473 Single Family Homes on the market, 39 are Foreclosure Listings and 44 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 403 on the market for sale, which is lower Mar '11 of 412 listed condos. There are 141 in escrow, up from 128 last month and 34 sales, down from 71 sales last month. We have a 11.8 month supply of inventory, which is a large increase from last month's 5.8 month supply.
The foreclosure/REO property inventories are predicted to increase in the next few months as the Banks increase their processing of foreclosures. We have seen escrows taking an extra 1-2 months to close on foreclosure properties due to the Bank's not having clear title when the property is listed for sale.