Kailua-Kona Hawaii Real Estate Market Update as of April 2012
The latest real estate statistics for Kona Hawaii have just been released and it shows continued signs of stability. Year to date, as of April 1, 2012, there have been 97 Single family homes sold in the North Kona District of the Big Island. This is 3% fewer home sales than the first three months of 2011. The median sales price of homes sold in North Kona over the first quarter was $384,981 compared to $407,500 in first quarter 2011. This is a 5.53% decrease in the median sales price of single family homes. However, this weakess contrasts the increases seen in Kona Condominium and land prices.
The median sales price for condominiums in North Kona over the first three months of 2012 was $178,000. This is an increase of 6.59% over the $167,000 median sales price in quarter 1 2012. The number of condominiums sold was down 15% from 86 to 73.
Vacant land sales came in 17% higher at $220,000 vs. 187,000 in 2011. The number of lots sold decreased slightly from 25 to 22 in quarter 1 of 2012, a 12% decrease.
It's a good idea to keep these numbers in perspective. Kona is a small area that includes home sales above 10 million dollars in the Hualalai Resort area and $175,000 dollar homes in other parts of the district. These numbers can be skewed by just a few large or small sales. Over the long term these numbers even out and I believe, are very representative of what is happening in the Kona real estate market.
Most people in the industry here in Kona believe that the real estate market bottomed out sometime in mid 2011. I believe that real estate activity in Kona, Hawaii is on an uptrend. Well priced homes and condos in desirable areas that come on the market are selling. Bank owned and short sale homes and condos are getting multiple offers in many cases. Buyers are out there snapping up deals. Don't let your dream home in Kona get sold to someone else.
Contact me if you would like the latest Kona home, condominium or land listings emailed to you as soon as they hit the market. Rich Bosselmann, Konaconnection@gmail.com , (808) 345-5085 Also, make sure that you subscribe to this blog for the latest real estate information in Kailua-Kona Hawaii.