Overall, the number of Big Island home sales dropped 10% this October compared to October '09. And, the Sales Dollar Volume dropped almost 19% from $52.4m to $42.5m. The Kohala Coast reported the only real gain in sales, up 26%. The Median Sale price continues its decline around most of the island as pressure from foreclosure and distressed properties keep prices low.
| Big Island home Sales October 2009 vs. 2010 | |||||
| Homes Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
| North Kohala | 5 | 2 | $ 959,000 | $ 310,000 | |
| Kohala Coast | 15 | 19 | $ 355,000 | $ 325,000 | |
| Kailua – Kona | 31 | 27 | $ 530,000 | $ 371,000 | |
| South Kona | 5 | 6 | $ 240,000 | $ 249,500 | |
| Kau | 8 | 4 | $ 101,750 | $ 115,000 | |
| Hamakua Coast | 1 | 4 | $ 555,000 | $ 370,000 | |
| North Hilo | 1 | 1 | $ 430,000 | $ 159,900 | |
| Hilo | 17 | 17 | $ 285,000 | $ 280,000 | |
| Puna | 43 | 33 | $ 179,000 | $ 169,900 | |
| Big Island of Hawaii | 126 | 113 | $ 278,500 | $ 272,000 | |
Condo sales for the Big Island for the month of October '10 are the same as last year, reporting 29 transactions. The only location to show an increase was Kailua-Kona with 17 sales, a 42% increase from Oct '09. As with the single family homes, the Median Sale Price for condos declined as well.
| Big Island Condo Sales October 2009 vs. 2010 | |||||
| Condos Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
| North Kohala | 0 | 0 | $ 0 | $ 0 | |
| Kohala Coast | 12 | 11 | $ 546,950 | $ 485,000 | |
| Kailua – Kona | 12 | 17 | $ 346,000 | $ 245,500 | |
| South Kona | 1 | 0 | $ 225,000 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast | 0 | 0 | $ 0 | $ 0 | |
| North Hilo | 0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 1 | $ 78,750 | $ 90,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 29 | 29 | $ 357,000 | $ 285,000 | |
Current Market Conditions as of November 4, 2010... There are 480 Single Family Homes on the market for the Kona/Kohala Coast, which is slight decrease from last month's 498 active listings. There are 154 homes in escrow, which is three more than last month's 151 and 46 homes sold vs. 49 last month. At the current buying rate, we have a 10.4 month supply of homes, which is a little more than last month's 10.1 month supply. The supply/inventory of homes continues to drop as buyers scoop up great deals on homes.
Of the 480 Single Family Homes on the market, 23 are Foreclosure Listings and 39 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 481 on the market for sale, which is a decrease from last month's 514. There are 113 in escrow, which is up from 104 last month and 28 sales, down from 35 sales last month. We have a 17 month supply of inventory, which is an increase from last month's 14.7 month supply.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.