Kona Kohala Blog

Doesn't get any better than that, sales up and prices down?  While prices continue to decline they are declining slower and list prices begin to level off or some are moving up like the Single Family Residences (SFR's) in North Kona.  South Kohala prices are slowing their free fall as are other areas in West Hawaii.

Foreclosures continue to show up but only in the price range of the last sale.  If we see a %395,000 SFR sell, the following week we'll see a new SFR in the $300K to $400K range pop up on the market.  The lenders are doing their best to keep prices from dropping too much which cuts into their profits.

There are 311 SFR's for sale in North Kona broken down as follows: 64 under $400K, 152 in the $400k to $1M range and 95 over $1M.  Condos, 260 for sale with 169 under $400K, 55 in the $400K to $1M range and 36 over a million.  In South Kohala there are 181 SFR's for sale with 70 listed under $400K, 67 between $400K and $1M and 44 over $1M.  Condos in South Kohala total 180 for sale with 67 under $400K, 63 between $400K and $1M and 50 over $1M.

Activity is picking up as more and more cold people arrive only to find west Hawaii bathed in 70 to 80 degree weather.  Prices are acceptable and even comparable to many areas on the mainland people go to vacation, when the water thaws.  Look for activity to slow when interest rates begin to rise later this year.  Price may continue to fall but don't bet on it.  There is a large group of retirees and investors who think this market is just fine and will keep prices pretty stable for a while to come, once they bottom out.