Kona Real Estate Market Update - July 2012
The Kona and South Kohala real estate market continues to recover in 2012. Median sales prices for homes in North Kona were $397,000 in July, an increase of 13.75% over July of 2011. Year to date the median sales price of single family homes is up a slight .12%. Condominiums in North Kona saw a July median sales price of $168,000; an increase of 22.63% over July 2011. Year to date, North Kona condo prices are up 11.28%. The number of homes and condos sold in North Kona year to date is up slightly.
South Kohala resorts recorded a median sales price drop from $410,000 to $310,000 in July but year to date figures are showing an 18% increase. The overall number of South Kohala condo sales are down 9.93% year to date.
In summary; the West Hawaii real estate market is showing a pattern of slowly increasing prices as 2012 progresses. Possibly due to a lack of inventory, the total number of sales has increased only slightly in North Kona and decreased slightly in South Kohala. Unless, the economy deteriorates in the second half of the year, I expect this pattern of price increases to continue. I believe that the Kona Real estate market bottomed out sometime in mid 2011 and bounced along the bottom forming a solid base. We are now clearly seeing a recovery in sales prices. If you are considering, buying in Kona, don't wait.
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