In a trend mirroring other neighbor islands, the Big Island Hawaii real estate market is seeing increased rates of sales at lower median prices. This theme extends to both single family homes and condominiums on the biggest Hawaiian Island. According to a June 7, 2010 article from the Pacific Business News, “Sales of condominiums on the Big Island rose by nearly 75 percent last month, and sales of single-family homes were up by 25 percent when compared to May of last year. There were 53 condos sold on the Big Island in May, 71 percent more than the 31 units sold during the same month in 2009, according to statistics from the Hawaii Information Service. A total of 128 single-family homes were sold in May compared to 102 homes sold during the same month last year. Prices, however, were down for both categories. The median price for a single-family home on the Big Island in May was $279,500, down 7 percent from $300,500 in 2009. The median price for a condo in May was $285,000, down 8 percent from $309,000 in 2009. Year-to-date figures follow the same trendlines, with sales of single-family homes — 612 in all — up 43 percent and the median price down 8 percent to $256,500. Sales of condos for the first five months of the year, with 213 units sold, were double that of the same period in 2009, while the median price, at $270,000, was also down 8 percent.”
However, delinquent loans, including foreclosed properties and short sales, continued to be a drag on Big Island homes for sale and other sectors of the local housing market. According to a June 18, 2010 report by Janis L. Magin of Pacific Business News, “Sometimes it can take several months for a property to drop off the list after the owner has settled with the lender, but Bratton said he has seen more Hawaii properties turn up on the lists of delinquent loans. Several Neighbor Island shopping centers, including the Kings’ Shops at Waikoloa on the Big Island, Coconut Marketplace on Kauai, Coconut Grove in Kailua-Kona and the Kona International Market, also turned up on Trepp’s list of distressed loans.”