The Kohala Coast recorded an increase in home sales, up 100% this month and the median price decreased 7%. Kailua-Kona reported a 67% increase in Single Family Residential (SFR) home sales as compared to Feb '10. Median sales prices are up 3% this month vs Feb '10. Hilo homes sales increased slightly, 17% this month vs. Feb '10. Hilo median home prices were up nearly 9%. Homes priced in the $300,000 to $400,000 price ranges are seeing increased activity as mainland buyers are looking for retirement and second homes.
| Big Island home Sales February 2010 vs. 2011 | |||||
| Homes Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 4 | 2 | $ 912,500 | $ 385,000 | |
| Kohala Coast | 8 | 16 | $ 355,000 | $ 330,000 | |
| Kailua – Kona | 21 | 35 | $ 417,000 | $ 430,000 | |
| South Kona | 3 | 3 | $ 354,500 | $ 287,000 | |
| Kau | 7 | 10 | $ 116,000 | $ 173,500 | |
| Hamakua Coast | 1 | 1 | $ 600,000 | $ 250,000 | |
| North Hilo | 2 | 0 | $ 415,000 | $ 0 | |
| Hilo | 12 | 14 | $ 219,450 | $ 240,000 | |
| Puna | 41 | 30 | $ 142,500 | $ 142,375 | |
| Big Island of Hawaii | 99 | 111 | $ 237,000 | $ 256,400 | |
The condo market in Kailua-Kona reported fewer sales with a decrease 4% for the month and the median price declined 42%. The Kohala Coast condo sales increased 155% in Feb '10. The median price dropped 18% for the month. The Kohala Coast condo market is predominately vacation condos and many buyers are purchasing these condos for investment purposes. Plus, they get the added benefit of using the condo for their own vacations.
| Big Island Condo Sales February 2010 vs. 2011 | |||||
| Condos Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 11 | 28 | $ 445,000 | $ 367,000 | |
| Kailua – Kona | 24 | 23 | $ 257,000 | $ 149,000 | |
| South Kona | 0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 2 | $ 90,000 | $ 57,750 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 39 | 53 | $ 266,175 | $ 250,000 | |
Current Market Conditions as of March 8, 2011... There are 494 Single Family Homes on the market for the Kona/Kohala Coast, which is a decrease from Jan '11 of 501 active listings. There are 176 homes in escrow, 11 more than last month's 165 and 51 homes sold vs. 33 last month. At the current buying rate, we have a 9.7 month supply of homes, which is less than last month's 15.2 month supply. Sales are increasing and inventory is shrinking.
Of the 494 Single Family Homes on the market, 41 are Foreclosure Listings and 42 are Short Sale Listings.
For Kona Condos, there are currently 438 on the market for sale, which is much lower Jan '11 of 491 listed condos. There are 149 in escrow, up from 133 last month and 51 sales, up from 39 sales last month. We have a 8.6 month supply of inventory, which is a large decrease from last month's 12.6 month supply. Similar to the homes, sales are increasing and inventory is shrinking.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.