Kona Kohala Blog

Just when things to be taking on a pattern, change again rears it's ugly head.  We've been watching median prices decline while the number of sales has risen steadily for almost 2 years.  February may be a fluke but it is a change in that trend.

South Kohala is holding true to form with the median price for a Single Family Residence (SFR) falling <5.71%> to $330,000 and condos slipping <14.92%> to $345,000 while sales improved.  SFR sales were up 42.1% to 27 homes sold and condo sales were up 83.3% with 33 units sold.

North Kona is once again doing it's own thing.  Median price for a SFR edged up 0.65% to $387,500 and condos moved down, as expected, <32.94%> to $171,000.  Everyone was expecting sales to move up as has been the case but no, SFR sales were down <9.09%> with only 40 homes sold.  Condos dropped <11.11%> with just 40 of those sold.

Keep in mind that these numbers reflect sales from a couple of months ago for the most part.  Some short sales may have been 3 months or more old so along with foreclosures are skewing monthly statistics all over the place.  The disturbing part of this is the declines in North Kona sales numbers.

Most sales have continued to rise even as the recession was in it's depths.  As the economy began it's slow pull out a few months ago we expected to see sales activity continue to move upwards.  Only tim will tell if this is a new trend or not.  West Hawaii has so much to offer, especially after this year's winter on the mainland.  Maybe that's it, maybe people couldn't get through the snow to make it to their planes.  Yeah, let's go with that thought and hope next month once again reverses the trend.