Kona Kohala Blog

I've read recently that distressed properties on the whole are selling for about 20% less than non-distressed ones.  I just looked at the numbers in our MLS for North Kona and South Kohala and found a huge discrepancy between our numbers and the national numbers.

In South Kohala, the median sales price of a non-distressed Single Family Residence (SFR) for the last 6 months is $413,000 while a condo there has a median selling price of $465,000.  The short sale median price SFR in South Kohala was $297,500 and a bank owned (REO) there was $252,300.

In North Kona, the median price for SFR's, non-distressed, was $470,000 and condos were $180,000.  The short sale median price for SFR's was $339,000 and for REO's it was $306,000.

These numbers were calculated using figures from Hawaii Information Service, our MLS provider.  Their numbers are only as reliable as the agents who input the information and that can vary depending on how accurately an individual handles their numbers.  Worst case is that this gives a good idea of just how different prices in Hawaii are compared to the national averages.

This is why Realtors say that real estate is local.  Each market is very different from even an adjoining one.  Always work with a Realtor in the area in which you are interested.  That will be your best source of accurate information, at least as accurate as the agent inputting the data.