Could it be that we're seeing the beginning of the end? Probably not but it's a fun thing to think about. If we consider Median Price for homes in North Kona we see it at $383,050, down <31%> from last year at this time. Condo prices are down <34%> to $190,000, first time in a long time we've been under the two hundred thousand dollar mark.
In South Kohala the Median price for a Single Family Residence (SFR) is down <30%> to $334,500 and condos are down to $372,500, a drop of <27%>. I suggest stability because of the number of sales. We'll see prices continue to fall until there's an uptick in sales and right now we're seeing the first signs of change. In North Kona, the number of sales of SFR's is down <6%> but that's only one sale different from last Septemeber. North Kona condos are up 10%, again, one condo difference in sales from '08. In South Kohala, the number of sales of SFR's is up 6.67% from last year and condos have dropped <9%>. That means in South Kohala we've sold one more SFR and one less condo.
It may appear to be a mixed message but it's the first time we've seen anything but declines. It could mean a bottom is near or, it could mean nothing and was just a hiccup with one sale closing sooner or later than expected. More to come as the month ends.