December 12, 2009
November 2009 Big Island Real Estate Report
Kailua-Kona and the Kohala Coast reported more than a 100% increase in Single Family Residential home sales as compared to November ’08. Hilo saw an increase in both homes sales and the median sales price of a home, jumping to $290,000, up from $239,250 in Nov ’08. Not sure if that median price increase is an anomaly or the first sign that we’re nearing the bottom of the market. More data points are needed, so we can plot the trend. First time home buyer activity has increased as a result of the extended tax credits, continued low interest rates and low median prices.
| Big Island Hawaii home Sales Nov. 2008 vs. 2009 |
|||||
| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 2 | $ 0 | $ 389,500 | |
Kohala Coast |
7 | 18 | $ 510,000 | $ 282,000 | |
Kailua – Kona |
17 | 35 | $ 475,000 | $ 400,000 | |
South Kona |
0 | 1 | $ 0 | $ 402,000 | |
| Kau | 5 | 4 | $ 190,000 | $ 183,500 | |
| Hamakua Coast |
0 | 3 | $ 0 | $ 294,000 | |
North Hilo |
0 | 3 | $ 0 | $ 450,000 | |
| Hilo | 10 | 14 | $ 239,250 | $ 290,000 | |
| Puna | 29 | 33 | $ 210,000 | $ 205,500 | |
| Big Island of Hawaii | 68 | 113 | $ 282,500 | $ 290,000 | |
For condos, we see median sale prices increase for Hilo, but sales dropped about 50%. The Kohala Coast reported a 75% increase in condo sales compared to Nov ’08, while Kailua-Kona was almost unchanged. The next four months will be a busy season and we’re seeing the first signs of visitors sizing up the market, since the prices are near 2002-2003 levels.
| Big Island Hawaii Condo Sales Nov. 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
4 | 7 | $ 2,850,000 | $ 490,000 | |
Kailua – Kona |
13 | 14 | $ 247,000 | $ 195,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 7 | 4 | $ 142,500 | $ 171,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 24 | 25 | $ 226,200 | $ 216,000 | |
Current Market Conditions as of Dec 11, 2009… There are 603 Single Family Homes on the market for the Kona/Kohala Coast, which is a increase from last month’s 563 active listings, 92 homes in escrow, which is down from last month of 118 and 53 homes sold… 8 more than last month. At the current buying rate, we have a 11.4 month supply of homes, which is less than last month’s 12.5 month supply.
Of the 603 Single Family Homes on the market, 26 are Foreclosure Listings and 118 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 609 on the market for sale, 65 in escrow, up from 58 last month and 21 sales. We have a 29 month supply of inventory, which is an increase from last month’s 25.5 month supply. The financing for vacation condos has stricter guidelines and lenders are requiring larger down payments in the neighborhood of 30%.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.
© 2009 American Dream Realty