February 6, 2010
January Big Island real estate update
Kailua-Kona saw a 228% increase in Single Family Residential (SFR) home sales as compared to January ‘09. Median sales prices are down 3% this month vs Jan ‘09. The Kohala Coast recorded a nice increase in homes, up 43% this month, while the median price dropped 27%. Hilo homes sales increased 80% this month vs. Jan ‘09. Hilo median home prices were down 1% from Jan ‘09 to Jan ‘10. These continued low prices and interest rates around 5% have resulted in increased buying activity and sales. The Homebuyer Federal Tax credit ends in April 30, 2010, so don’t miss out on a good opportunity.
| Big Island Hawaii home Sales Jan.. 2009 vs. 2010 |
|||||
| Homes Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
North Kohala |
3 | 3 | $ 430,000 | $ 240,000 | |
Kohala Coast |
7 | 10 | $ 410,000 | $ 297,500 | |
Kailua – Kona |
7 | 23 | $ 381000 | $ 369,000 | |
South Kona |
0 | 1 | $ 0 | $ 215,500 | |
| Kau | 3 | 6 | $ 187,937 | $ 90,950 | |
| Hamakua Coast |
1 | 3 | $ 383,500 | $ 190,000 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 5 | 9 | $ 257,500 | $ 255,000 | |
| Puna | 25 | 31 | $ 216,000 | $ 75,000 | |
| Big Island of Hawaii | 51 | 86 | $ 263,000 | $ 239,250 | |
The Kohala Coast condo sales increased 500% in Jan ‘10, although that number is based upon 6 total sales. The median price dropped 52% for the month. The condo market in Kailua-Kona saw sales of condos increase 73% for the month and the median price declined 4%. The condo sales are improving due to more buyers using cash for the purchase and/or using a home equity line of credit. Many lenders are requiring 30-35% down payment on vacation condos, since they carry more risk of mortgage default.
| Big Island Hawaii Condo Sales Jan. 2009 vs. 2010 | |||||
| Condos Sold | |||||
| Neighborhood | 2009 | 2010 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
7 | 11 | $ 750,000 | $ 358,500 | |
Kailua – Kona |
12 | 21 | $ 250,000 | $ 240,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 0 | 0 | $ 0 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 1 | 4 | $ 132,500 | $ 150,000 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 21 | 36 | $ 202,500 | $ 245,000 | |
Current Market Conditions as of Feb 5, 2010… There are 591 Single Family Homes on the market for the Kona/Kohala Coast, which is an increase from last month’s 577 active listings, 117 homes in escrow, which is up from last month of 93 and 33 homes sold… 8 less than last month. At the current buying rate, we have a 17.9 month supply of homes, which is more than last month’s 12.8 month supply.
Of the 591 Single Family Homes on the market, 23 are Foreclosure Listings and 109 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 568 on the market for sale, down from last month of 577. There are 91 in escrow, up from 63 last month and 25 sales. We have a 23 month supply of inventory, which is a decrease from last month’s 18 month supply.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.
© 2009 American Dream Realty