Kailua-Kona saw a 13% decrease in Single Family Residential (SFR) home sales as compared to Jan '10. Median sales prices are down 3% this month vs Jan '10. The Kohala Coast recorded an increase in homes, up 18% this month and the median price increased 3%. Hilo homes sales increased 40% this month vs. Jan '10. Hilo median home prices were up nearly 6%. The foreclosure properties are still keeping prices low, but we seeing a few increases in the median sales, so will that mean we're near the bottom of the market. Time will tell.
| Big Island home Sales January 2010 vs. 2011 | |||||
| Homes Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 3 | 7 | $ 234,650 | $ 355,025 | |
| Kohala Coast | 11 | 13 | $ 320,000 | $ 330,000 | |
| Kailua – Kona | 23 | 20 | $ 364,500 | $ 353,250 | |
| South Kona | 1 | 2 | $ 215,500 | $ 192,000 | |
| Kau | 6 | 7 | $ 90,950 | $ 105,000 | |
| Hamakua Coast | 3 | 3 | $ 190,000 | $ 123,809 | |
| North Hilo | 0 | 2 | $ 0 | $ 310,000 | |
| Hilo | 10 | 14 | $ 269,500 | $ 285,000 | |
| Puna | 31 | 35 | $ 175,000 | $ 148,000 | |
| Big Island of Hawaii | 88 | 103 | $ 234,250 | $ 220,000 | |
The Kohala Coast condo sales increased 86% in Jan '10. The median price dropped 11% for the month. The condo market in Kailua-Kona saw sales of condos increase 24% for the month and the median price declined 17%. The condo sales have been improving as winter weather on the mainland have caused many folks to consider a Hawaii condo for vacation and investment purposes.
| Big Island Condo Sales January 2010 vs. 2011 | |||||
| Condos Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 7 | 13 | $ 375,000 | $ 335,000 | |
| Kailua – Kona | 21 | 26 | $ 254,250 | $ 210,000 | |
| South Kona | 0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 1 | 4 | $ 150,000 | $ 70,500 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 29 | 43 | $ 265,500 | $ 219,000 | |
Current Market Conditions as of February 7, 2011... There are 501 Single Family Homes on the market for the Kona/Kohala Coast, which is a decrease from last month's 511 active listings. There are 165 homes in escrow, 13 more than last month's 153 and 33 homes sold vs. 52 last month. At the current buying rate, we have a 15.2 month supply of homes, which is a more than last month's 9.8 month supply.
Of the 501 Single Family Homes on the market, 52 are Hawaii Foreclosure Listings and 38 are Short Sale Listings.
For Kohala Coast / Kona Condos, there are currently 491 on the market for sale, which is basically the same as last month's 492. There are 133 in escrow, up from 109 last month and 39 sales, down from 59 sales last month. We have a 12.6 month supply of inventory, which is a large increase from last month's 8.3 month supply.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.