Kailua-Kona saw a 114% increase in Single Family Residential (SFR) home sales as compared to December '08 and sales are up nearly 18% for the year ending '09. Median sales prices are down 23% for Dec '09 and down 21% for the year ending '09. Hilo homes sales increased 5% for Dec '09, but down 4% for the year ending '09. Hilo median home prices were down 28% from Dec '08 to Dec '09 and down 19% for year ending '09. As the year came to a close, we saw positive improvements in regards to the number of SFR home sales in the following markets: North Kohala, Kohala Coast, Kailua-Kona, Kua, North Hilo, and Puna.
| Big Island Hawaii home Sales Dec.. 2008 vs. 2009 |
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| Homes Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
1 | 5 | $ 970,000 | $ 410,000 | |
Kohala Coast |
13 | 115 | $ 493,000 | $ 463,000 | |
Kailua – Kona |
14 | 30 | $ 528,000 | $ 404,500 | |
South Kona |
3 | 3 | $ 385,000 | $ 300,000 | |
| Kau | 6 | 9 | $ 190,250 | $ 120,000 | |
| Hamakua Coast |
3 | 1 | $ 560,000 | $ 224,800 | |
North Hilo |
0 | 2 | $ 0 | $ 282,500 | |
| Hilo | 18 | 19 | $ 327,500 | $ 236,000 | |
| Puna | 40 | 40 | $ 194,500 | $ 167,375 | |
| Big Island of Hawaii | 98 | 124 | $ 297,500 | $ 271,355 | |
The condo market in Kailua-Kona saw sales of condos increase 75% for the month of Dec '09 vs. Dec '08 and the Kohala Coast condo sales increased 57% in Dec '09. Kona condo median price declined 16% for the month and Kohala Coast median condo prices slid nearly 33%. I expect the sales volume to increase during the winter months, as this is usually a busy time for condos. Mainlanders are arriving on island and are starting to pick well prices condos.
| Big Island Hawaii Condo Sales Dec. 2008 vs. 2009 | |||||
| Condos Sold | |||||
| Neighborhood | 2008 | 2009 | Median Sale Prices | ||
North Kohala |
0 | 0 | $ 0 | $ 0 | |
Kohala Coast |
7 | 11 | $ 595,000 | $ 399,000 | |
Kailua – Kona |
12 | 21 | $ 257,500 | $ 216,000 | |
South Kona |
0 | 0 | $ 0 | $ 0 | |
| Kau | 1 | 0 | $ 288,000 | $ 0 | |
| Hamakua Coast |
0 | 0 | $ 0 | $ 0 | |
North Hilo |
0 | 0 | $ 0 | $ 0 | |
| Hilo | 1 | 4 | $ 233,000 | $ 36,750 | |
| Puna | 0 | 0 | $ 0 | $ 0 | |
| Big Island of Hawaii | 21 | 36 | $ 342,000 | $ 255,000 | |
Current Market Conditions as of Jan 5, 2010... There are 577 Single Family Homes on the market for the Kona/Kohala Coast, which is a decrease from last month's 603 active listings, 93 homes in escrow, which is up from last month of 92 and 45 homes sold... 5 less than last month. At the current buying rate, we have a 12.8 month supply of homes, which is more than last month's 11.4 month supply.
Of the 577 Single Family Homes on the market, 28 are Foreclosure Listings and 102 are Short Sale Listings.
For Kona/Kohala Coast Condos, there are currently 577 on the market for sale, 63 in escrow, down from 65 last month and 32 sales. We have a 18 month supply of inventory, which is a decrease from last month's 29 month supply.
Keep an eye the market inventory supply shown in months. A 6 month supply of properties is considered to be a balanced market. Right now, it's still a buyer's, but our local market can change quickly and supply can dry up fast.
Information on sales for the Big Island of Hawaii was provided by Kurt & Kirsten Carlson, Big Island real estate experts.