October 30, 2010

Kona Housing market update Big Island hawaii

The community that takes up a large share of Hawaii Island proper, or the area that is most commonly referred to as the “Big Island,” Kona is one of this island’s largest commercial areas and the Kona real estate market is made up of a mixture of single-family residential homes as well as condos and other similar units. The market here has seen its riches diminish over the past couple of years as the real estate market reacted to the subprime mortgage meltdown and the larger global economic downturn, like most neighborhoods and communities across the island state. The global recession resulted in falling sales volume and home values, and a rise in the number of foreclosures in Kona.

Today the market for Kona homes for sale remains a bit of a mixed bag. While some statistics have risen and shown promise of slowly making their way back to pre-crisis  levels, other areas have stagnated. According to statistics from the Hawaii Island Board of Realtors, in September, there were 34 residential homes sold in North Kona, a 41% annual increase. South Kona saw its sales volume unchanged year over year, with two sales of residential homes in September of both this year and last. The median sales price for a residential home in North Kona in September was $350,000, a figure that actually fell annually by 5.4%, from $370,000 a year ago. The median price year-to-date for homes in North Kona stood at $410,500 in September, off by more than 5.5% annually. South Kona, too, is still feeling the aftershocks of the global economic turndown. In September, its median sales price for residential homes was $246,500, down an even greater 16.4% annually, from $295,000 in 2009. So far this year, the median sales price for South Kona homes is also down, to $275,000 from $342,750, a decline in price of nearly 20% annually – a discouraging sign for sellers but a sign for buyers that the time may never be better to hop into the market.

Meanwhile, the condo market in North Kona, which has most of the condos in the Kona region, shows more signs for progress. In September, there were 22 condos sold, up 37.5% from September of 2009, when there were just 16 condo transactions. So far in 2010 up through September, 235 condos have traded hands on the market, an increase by just over 99% from 2009, when only 118 condos had sold in the first nine months of the year. Sales prices for Kona condos was on the upswing in September, at a median price of $240,000, an increase of more than 17% from last year’s figures, when the median price was just $205,000. So far this year in the condo market, however, the median condo price is still off. In the first nine months of 2010, the median condo sales price stood at $223,250, down by almost 20% from the first nine months of 2009, when that figure was at more than $278,000.

November 4, 2007

Hawaii Foreclosures VS Nationawide Foreclosures

Hawaii foreclosures are on the rise. According to some of the stats, Hawaii foreclosure listings have doubled over the past year.  There were 313 foreclosures filed on properties in the third quarter. That was 105% increase than the third quarter last year. Hawaii is still among one of the states with the fewest foreclosures ( Hawaii is ranked 40th).

Nationally, the rates continue to rise. Nevada has the highest percentage with one foreclosure filing for every 61 households. The amount of Las Vegas foreclosures is incredible. The Las Vegas real estate market was one of the strongest a few years ago with some of the largest appreciation the nation saw. No it looks like it is making a major correction.

California and Florida were the other two top states with the amount of filings. While San Diego foreclosures did not lead California, it was among the top big cities to get hammered with the amount of filings. Other top California cities that have allot of foreclosure filings are Los Angeles, Santa Ana, Chula Vista, Anaheim and Riverside. There is a Florida foreclosure filing for every 95 households. Big cities like Miami, Orlando and Jacksonville continue to increase monthly.

It looks like there will be some great buying opportunities in the future across the country. The big questions is when to jump in the market and take advantage of some of the great deals that are gong to be out there.