Kona Kohala Blog

Nationally, it was reported that there had been a 12% increase in the number of sales of existing houses from November to December of 2010.  How does west Hawaii compare?

In South Kohala, Hawaii's Gold Coast, the sale of Single Family Residences (SFR's) is unchanged, 17 in November of '10 and 17 in December of '10 so here we have a 0% change, less than the national average.  Condos in South Kohala are a different story, sales are up nearly 300% from 9 in November to 26 in December.  As you can see when working with small numbers a minor change can look very big when judged statistically.

Median price in South Kohala for SFR's has increased 6.5% while condo prices are down <24%>.

In North Kona the SFR sales numbers show a 111% increase over November of '10 and condo sales were up 200% from 17 in November to 34 in December.  Median price in North Kona for SFR's declined by <1.4%> and condo prices were down a whopping <63.8%> from $282,000 to $182,500.

As of the end of December 2010, the median price of a SFR in North Kona was $389,500.  In South Kohala, a SFR median price was $305,000 and a condo in South Kohala was $337,500.

Prices are leveling off when looked at in a longer scope than one month which one has to do in a market with so few sales.  The number of sales continues to rise while prices decline, a good sign for buyers.  The buyer's marekt may be coming to an end, however, as prices level off.  While no one expects prices to rise,  the nicer properties may have multiple offers as the inventory declines and good property becomes harder to find.