The Big Island saw a decrease of about 27% in the median price for single family homes, but saw almost a 7% increase in sales volume for the month of May 2009 compared to 2008.

Big Island home Sales May 2008 vs. 2009
  Homes Sold
Neighborhood 2008 2009 Median Sale Prices
North Kohala 4 1 $ 609,500 $1,850,000  
Kohala Coast 15 10 $ 485,000 $ 488,000  
Kailua - Kona 28 28 $ 599,036 $ 360,000  
South Kona 3 3 $ 775,000 $ 634,000  
Kau 5 5 $ 225,000 $ 140,000
Hamakua Coast 2 2 $ 494,000 $ 355,300
North Hilo 0 1 $ 0 $ 365,000
Hilo 15 19 $ 339,000 $ 262,500
Puna 35 32 $ 207,000 $ 200,000
Big Island of Hawaii 107 103 $ 415,000 $ 301,000

Condos were down nearly 38% for sales volume and down about 33% in median price for May ’09 vs. May ‘08.  Although the numbers are down, it actually indicates a slight improvement when compared to the YTD sales volume for May ‘09 to May ‘08, which is down 56%.  This may be a signal that buyers are making purchases with the low prices and continued low interest rates.

Big Island Condo Sales May 2008 vs. 2009
  Homes Sold
Neighborhood 2008 2009 Median Sale Prices
North Kohala 0 0 $ 0 $ 0  
Kohala Coast 16 11 $ 605,000 $ 400,000  
Kailua - Kona 21 15 $ 355,900 $ 350,000  
South Kona 0 2 $ 0 $ -  
Kau 0 0 $ 0 $ 0
Hamakua Coast 0 0 $ 0 $ 0
North Hilo 0 0 $ 0 $ 0
Hilo 2 5 $ 203,000 $ 699,999
Puna 0 0 $ 0 $ 0
Big Island of Hawaii 39 31 $ 450,000 $ 309,000

Focusing on Single Family Homes for the Kona/Kohala Coast, there are currently 631 active listings for sale, 99 homes in escrow and 41 sold homes during the past month.  At the present buying rate, we have a 15 month supply of homes. For Kona/Kohala Coast Condo, there are currently 690 on the market for sale, 54 in escrow and 21 sold in the past month.  That’s about a 33 month supply of condos.

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