Kailua-Kona saw a 20% increase in Single Family Residential (SFR) home sales as compared to March '10. Median sales prices were up a little at 4%. The Kohala Coast, South Kona, Kau, North Hilo and Hilo also saw an increase in the number of sold homes. The median prices have dropped 28% on the Kohala Coast and Hilo prices dropped almost 7%. As a whole, Big Island sales are up nearly 27% and the median sale price is down 23%.
| Big Island home Sales March 2010 vs. 2011 | |||||
| Homes Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 4 | 4 | $ 859,500 | $ 1,345,000 | |
| Kohala Coast | 14 | 24 | $ 398,000 | $ 287,750 | |
| Kailua – Kona | 35 | 42 | $ 394,000 | $ 410,000 | |
| South Kona | 5 | 6 | $ 277,500 | $ 350,750 | |
| Kau | 7 | 18 | $ 196,000 | $ 123,750 | |
| Hamakua Coast | 2 | 2 | $ 525,000 | $ 237,750 | |
| North Hilo | 0 | 3 | $ 0 | $ 200,000 | |
| Hilo | 14 | 18 | $ 342,000 | $ 318,750 | |
| Puna | 51 | 50 | $ 161,000 | $ 166,750 | |
| Big Island of Hawaii | 132 | 167 | $ 237,500 | $ 230,450 | |
The Kailua-Kona market for condo sales increased again this month and saw a 29% improvement from Mar '10, while the median price continued to slide and dropped 39% for the month. The Kohala Coast is also up this month and sales increased 106% from same month last year. The median price is down by 33%. The entire Big Island condo sales reported an increase of 58% from Mar '10 as the median prices continue their decline down 24%.
| Big Island Condo Sales March 2010 vs. 2011 | |||||
| Condos Sold | |||||
| Neighborhood | 2010 | 2011 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 17 | 35 | $ 600,000 | $ 399,000 | |
| Kailua – Kona | 28 | 36 | $ 266,000 | $ 162,000 | |
| South Kona | 0 | 0 | $ 0 | $ 0 | |
| Kau | 1 | 0 | $ 138,000 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 8 | $ 90,000 | $ 115,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 50 | 79 | $ 298,000 | $ 227,500 | |
Current Market Conditions as of April 6, 2011... There are 469 Single Family Homes on the market for the Kona/Kohala Coast, which is a decrease from Feb '11 of 494 active listings. There are 168 homes in escrow, 8 less than last month's 176 and 66 homes sold vs. 51 last month. At the current buying rate, we have a 7.1 month supply of homes, which is less than last month's 9.7 month supply. Sales are still increasing and inventory is shrinking. A balanced market is considered to be a 6 month supply.
Of the 469 Single Family Homes on the market, 29 are Foreclosure Listings and 45 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 412 on the market for sale, which is lower Feb '11 of 438 listed condos. There are 128 in escrow, down from 149 last month and 71 sales, up from 51 sales last month. We have a 5.8 month supply of inventory, which is a large decrease from last month's 8.6 month supply. Similar to the homes, sales are increasing and inventory is shrinking.
I can't predict the future, but we may be headed for price increases soon, if this trend continues. Those of you who have not made a purchase, but plan to do so, may want to make plans to purchase before this window of opportunity closes.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.