September continues the trend with increased sales of homes in Kailua-Kona and the Kohala Coast over September '08 sales. A big improvement was shown in the Kau District, as well, with 15 sales compared to 3 recorded sales from Sept '08. Median sales prices continue to slide in most Districts with Kona showing a single family home price of $360,000 for September. First time home buyers are actively pursuing properties to secure a closing before the Dec 1st deadline, so they can take advantage of the $8,000 Federal Tax Credit. Interest rates remain in low 5% range, with some buy-down rates in the high 4% range.
| Big Island Hawaii home Sales Sept. 2008 vs. 2009 |
|||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
1 | 3 | $ 450,000 | $ 250,000 | |
Kohala Coast |
15 | 19 | $ 479,000 | $ 339,000 | |
Kailua – Kona |
17 | 21 | $ 555,000 | $ 360,000 | |
South Kona |
1 | 2 | $ 244,000 | $ 295,000 | |
| Kau | 3 | 15 | $ 156,000 | $ 145,000 | |
| Hamakua Coast |
1 | 0 | $ 1,275,000 | $ 0 | |
North Hilo |
1 | 0 | $ 156,000 | $ 0 | |
| Hilo | 17 | 16 | $ 335,000 | $ 258,000 | |
| Puna | 30 | 44 | $ 190,363 | $ 177,500 | |
| Big Island of Hawaii | 86 | 120 | $ 322,500 | $ 225,500 | |
Same story this month with condos, the Median Sale Prices for Big Island Condos are still declining, while the number of sales are marginally higher compared to Sept '08 for the Kohala and Kailua-Kona condo markets. We should see a spike in condo sales as we enter the late Fall and Winter season months, as many folks purchase vacation condos this time of the year. Lower prices and low interest rates are making condos more attractive.
| Big Island Hawaii Condo Sales Sept. 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
11 | 13 | $ 509,000 | $ 375,000 | |
Kailua – Kona |
10 | 13 | $ 290,000 | $ 190,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 4 | 2 | $ 87,000 | $ 58,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 25 | 28 | $ 315,000 | $ 315,000 | |
Current Market Conditions as of Oct 1, 2009... There are 591 Single Family Homes on the market for the Kona/Kohala Coast, which is a slight increase from last months 597 active listings, 108 homes in escrow, which is down from last month of 114 and 40 homes sold. At the current buying rate, we have a 14.9 month supply of homes, which is basically unchanged from last month's 15 month supply.
For Kona/Kohala Coast Condos, there are currently 635 on the market for sale, 42 in escrow and 26 sold in the past month. We have a 24.4 month supply of inventory, which is a small increase from last month's 23 month supply.
Information on August sales for the Big Island of Hawaii was provided by , Kurt & Kirsten Carlson Big Island real estate experts. search all Hawaii real estate on Hawaiis.com