April 7, 2010
March 2010 Big Island Market Update
Kailua-Kona saw a 75% increase in Single Family Residential (SFR) home sales as compared to March ’09. Median sales prices are down a little more 19%. North Kohala, South Kona, Kau, Hilo and Puna also saw an increase in the number of sold homes. The median prices have dropped 10% on the Kohala Coast and Hilo prices dropped 8%. The Kohala Coast reported 2 less home sales vs. Mar ’09. As a whole, Big Island sales is up nearly 40% and the median price is down 4.7%.
| Big Island Hawaii home Sales March 2009 vs. 2010 | |||||
| Homes Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
North Kohala |
1 | 4 | $ 2,700,000 | $ 859,500 | |
Kohala Coast |
16 | 14 | $ 432,500 | $ 389,000 | |
Kailua – Kona |
20 | 35 | $ 493,475 | $ 398,000 | |
South Kona |
0 | 5 | $ 0 | $ 305,000 | |
| Kau | 3 | 7 | $ 180,000 | $ 196,000 | |
| Hamakua Coast |
2 | 2 | $ 225,000 | $ 357,500 | |
North Hilo |
2 | 0 | $ 464,500 | $ 0 | |
| Hilo | 9 | 14 | $ 373,500 | $ 343,250 | |
| Puna | 40 | 49 | $ 197,500 | $ 162,000 | |
| Big Island of Hawaii | 93 | 130 | $ 320,000 | $ 305,000 | |
The Kailua-Kona market for condo sales increased again this month and saw a 93% improvement from Mar ’09, while the median price continued to slide and dropped 21% for the month. The Kohala Coast is also up again this month and sales increased 143% from same month last year. But, the median price is also up by 51%, which may an indication that more investors are purchasing higher-end condos. The entire Big Island condo sales doubled to just over 100% from Mar ’09 as the median prices continue their decline down another 6.7%.
| Big Island Hawaii Condo Sales March 2009 vs. 2010 | |||||
| Condos Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
7 | 17 | $ 410,000 | $ 620,000 | |
Kailua – Kona |
14 | 27 | $ 322,250 | $ 253,825 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 1 | $ 0 | $ 138,000 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 3 | 4 | $ 15,000 | $ 51,450 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 24 | 49 | $ 307,250 | $ 286,500 | |
Current Market Conditions as of Apr 6, 2010… There are 577 Single Family Homes on the market for the Kona/Kohala Coast, which is an decrease from last month’s 603 active listings. It’s too soon to tell what the trend is, but as market supply dries up, the median prices will stabilize and may even go back up. There are 140 homes in escrow, which is up from last month of 120 and 49 homes sold… 22 more than last month. At the current buying rate, we have a 11.7 month supply of homes, which is half of last month’s 22.3 month supply.
Of the 577 Single Family Homes on the market, 39 are Foreclosure Listings and 100 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 546 on the market for sale, down from last month of 561. There are 117 in escrow, up from 108 last month and 44 sales, up from 35 last month. We have a 12 month supply of inventory, which is a decrease from last month’s 16 month supply.
We receive a lot inquiries from folks asking when the market bottom out. And while we can’t predict the future, we’re seeing increased buying activity, which reduces the market supply of homes and condos. A 6 month supply of homes/condos is commonly thought of as a balanced market.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.
April 7, 2010
2010 March Kauai Real Estate Update
For March 2010 Kauai’s number of sales has once again exceeded 2009 numbers, Buyers have become more aggressive knowing that the market has reached a low that we have not seen for a long time and also first time home buyers are taking advantage of the tax credit. For March 2010 Vs. 2009 the number of Island wide home sales increased by 4.35%, the median sales price increased 3.34%
| Kauai home Sales March 2009 vs. 2010 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2009 | 2010 | 2009 2010 | ||
| Waimea | 3 | 2 | $ 425,000 | $ 400,000 | |
| Koloa | 3 | 8 | $ 430,000 | $ 461,000 | |
| Lihue | 2 | 1 | $ 459,500 | $ 495,000 | |
| Kawaihau | 8 | 7 | $ 360,000 | $ 425,000 | |
| Hanalei | 7 | 6 | $ 1,550,000 | $ 912,500 | |
| Island of Kauai | 23 | 24 | $ 479,000 | $ 495,000 | |
March 2010 Condos number of sales increased 172.7% and the median sales price increased 43.18%
| Kauai Condo Sales March 2009 vs. 2010 | |||||
| #Sales & $Median | |||||
| Neighborhood | 2009 | 2010 | 2009 2010 | ||
| Waimea | 0 | 0 | $ 0 | $ 0 | |
| Koloa | 2 | 5 | $ 757,500 | $ 650,000 | |
| Lihue | 6 | 10 | $ 92,275 | $ 132,900 | |
| Kawaihau | 0 | 4 | $ 0 | $ 156,750 | |
| Hanalei | 3 | 11 | $ 600,000 | $ 520,000 | |
| Island of Kauai | 11 | 30 | $220,000 | $ 315,000 | |
Information on February 2010 sales on the island of Kauai was provided by Russell Tucker
© 2009 American Dream Realty