Island wide - Median Sales Price slowed 15% from June last year, with Kona showing a little more than 9% drop in Median Sales Price. Very Interesting if you looked at my last 2 reports - 38% drop in the number of sales, and 54% drop in the $ amount exchanging hands? But only a 9% drop in median price? Does that mean we are near the bottom ? Not sure, and I just called the wizardry repair shop - sat on hold for an hour - and then was told that my crystal ball is still not ready - parts are still on back order? So I went to my back up fortune teller - my dart board- according to my first throw - we are close - of course I missed the board on my second throw, and my third was a bulls-eye! So the answer is - I still don't know - but going back to old fashioned way of predicting, looking at figures, occupancy rates, VOG, still not sure. One thing that I think may make a big impact is this travel arrangement with China - making Hawaii a - Vacation Destination - lifting a lot of the travel restrictions on Visa's, and actually allowing the Chinese to advertise Hawaii as a vacation destination - which is huge deal for the Chinese. We have a large Asian population here in Hawaii, and speaking with local Chinese client's (from China) they believe that this is going to make a big impact on Hawaii. I really need to dive into this and find out more - but supposedly the first group came through here last month - I know they made a big deal on the News about the California visit - but the Hawaii one went right under the radar. So I will have more on that as I research it.
(copy of statement on sales numbers) Sitting down and talking with other agents, and gathering my information - I think a big part of this drop, is the closing of 2 major airlines serving the Big Island - Aloha & ATA. That made a huge impact that I think we are really just now feeling - why just now, when the airlines closed months ago. I believe that the people that were only a month or two out from their vacation - bit the bullet and paid the extra airfare. But I believe the people that were 3 - more months out - had enough time to cancel hotels, rebook to cheaper areas. I mean just imagine - many of these family's had planned this vacation for years, then all of the sudden the refund they got on their tickets was $500.00 each (approx.) Now when they rebook tickets - prices have jumped to $1,200. A ticket - Xs a family of 5!!! Woo Woo Woo - that put the brakes on Hawaii real quick - good news more carriers are opening up to Hawaii, and rates are dropping again.
Another factor may be the VOG - but that calls for a whole new BLOG.
Aloha, and have a great day
Lance Owens (RS)
(808) 936-8383
Lance@KonaHomeTeam.com
www.KonaHomeTeam.com
Aloha Kona Realty Inc.
78-6740 Alii Drive
| MLS Sales Statistics |
| Median Sales Price |
| |
|
981,000 |
1,004,750 |
23,750 |
2.42% |
|
2,040,250 |
1,476,550 |
<563,700> |
<27.63%> |
| |
|
MONTH OF |
# |
% |
|
YEAR |
# |
% |
| Big |
|
June |
Increase / |
Increase / |
|
TO DATE |
Increase / |
Increase / |
| Island |
|
2007 |
2008 |
<Decrease> |
<Decrease> |
|
2007 |
2008 |
<Decrease> |
<Decrease> |
| ENTIRE |
Residential |
364,000 |
309,250 |
<54,750> |
<15.04%> |
|
419,500 |
375,000 |
<44,500> |
<10.61%> |
| Vacant Land |
48,000 |
45,500 |
<2,500> |
<5.21%> |
|
45,000 |
43,700 |
<1,300> |
<2.89%> |
| Commercial |
167,500 |
255,000 |
87,500 |
52.24% |
|
960,000 |
555,000 |
<405,000> |
<42.19%> |
| Condominium |
401,500 |
355,000 |
<46,500> |
<11.58%> |
|
411,250 |
450,350 |
39,100 |
9.51% |
| Business |
0 |
40,000 |
40,000 |
0.00% |
|
204,500 |
52,500 |
<152,000> |
<74.33%> |
| PUNA |
Residential |
254,500 |
231,250 |
<23,250> |
<9.14%> |
|
260,000 |
231,000 |
<29,000> |
<11.15%> |
| Vacant Land |
39,500 |
34,000 |
<5,500> |
<13.92%> |
|
38,500 |
34,000 |
<4,500> |
<11.69%> |
| Commercial |
225,000 |
430,000 |
205,000 |
91.11% |
|
225,000 |
769,274 |
544,274 |
241.90% |
| Condominium |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| Business |
0 |
0 |
0 |
|
|
0 |
555,000 |
555,000 |
0.00% |
| SOUTH HILO |
Residential |
328,000 |
280,000 |
<48,000> |
<14.63%> |
|
347,000 |
339,000 |
<8,000> |
<2.31%> |
| Vacant Land |
207,250 |
258,000 |
50,750 |
24.49% |
|
205,000 |
277,000 |
72,000 |
35.12% |
| Commercial |
110,000 |
80,000 |
<30,000> |
<27.27%> |
|
532,500 |
320,000 |
<212,500> |
<39.91%> |
| Condominium |
155,000 |
157,500 |
2,500 |
1.61% |
|
137,100 |
120,000 |
<17,100> |
<12.47%> |
| Business |
0 |
0 |
0 |
|
|
170,000 |
65,000 |
<105,000> |
<61.76%> |
| NORTH HILO |
Residential |
434,000 |
297,900 |
<136,100> |
<31.36%> |
|
362,500 |
373,950 |
11,450 |
3.16% |
| Vacant Land |
595,000 |
0 |
<595,000> |
<100.00%> |
|
407,500 |
375,000 |
<32,500> |
<7.98%> |
| Commercial |
0 |
0 |
0 |
|
|
2,650,000 |
0 |
<2,650,000> |
<100.00%> |
| Condominium |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| Business |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| HAMAKUA |
Residential |
387,000 |
397,000 |
10,000 |
2.58% |
|
375,000 |
400,000 |
25,000 |
6.67% |
| Vacant Land |
222,500 |
380,000 |
157,500 |
70.79% |
|
320,000 |
270,000 |
<50,000> |
<15.63%> |
| Commercial |
0 |
0 |
0 |
|
|
0 |
455,000 |
455,000 |
0.00% |
| Condominium |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| Business |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| NORTH KOHALA |
Residential |
850,000 |
345,000 |
<505,000> |
<59.41%> |
|
937,500 |
675,000 |
<262,500> |
<28.00%> |
| Vacant Land |
672,500 |
745,000 |
72,500 |
10.78% |
|
520,000 |
692,500 |
172,500 |
33.17% |
| Commercial |
0 |
0 |
0 |
|
|
600,000 |
0 |
<600,000> |
<100.00%> |
| Condominium |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| Business |
0 |
0 |
0 |
|
|
0 |
122,500 |
122,500 |
0.00% |
| SOUTH KOHALA |
Residential |
572,077 |
491,305 |
<80,772> |
<14.12%> |
|
548,500 |
495,000 |
<53,500> |
<9.75%> |
| Vacant Land |
390,000 |
175,000 |
<215,000> |
<55.13%> |
|
460,000 |
277,000 |
<183,000> |
<39.78%> |
| Commercial |
0 |
0 |
0 |
|
|
362,000 |
1,595,000 |
1,233,000 |
340.61% |
| Condominium |
949,000 |
420,000 |
<529,000> |
<55.74%> |
|
829,500 |
649,900 |
<179,600> |
<21.65%> |
| Business |
0 |
40,000 |
40,000 |
0.00% |
|
0 |
40,000 |
40,000 |
0.00% |
| NORTH KONA |
Residential |
558,230 |
505,000 |
<53,230> |
<9.54%> |
|
604,040 |
552,500 |
<51,540> |
<8.53%> |
| Vacant Land |
823,500 |
255,000 |
<568,500> |
<69.03%> |
|
430,000 |
297,500 |
<132,500> |
<30.81%> |
| Commercial |
0 |
0 |
0 |
|
|
1,915,000 |
1,600,000 |
<315,000> |
<16.45%> |
| Condominium |
398,000 |
420,500 |
22,500 |
5.65% |
|
389,000 |
370,000 |
<19,000> |
<4.88%> |
| Business |
0 |
0 |
0 |
|
|
239,000 |
28,000 |
<211,000> |
<88.28%> |
| SOUTH KONA |
Residential |
437,000 |
525,000 |
88,000 |
20.14% |
|
525,000 |
502,500 |
<22,500> |
<4.29%> |
| Vacant Land |
43,000 |
123,750 |
80,750 |
187.79% |
|
275,000 |
277,500 |
2,500 |
0.91% |
| Commercial |
0 |
0 |
0 |
|
|
5,885,000 |
0 |
<5,885,000> |
<100.00%> |
| Condominium |
0 |
0 |
0 |
|
|
245,000 |
0 |
<245,000> |
<100.00%> |
| Business |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| KA'U |
Residential |
277,450 |
165,000 |
<112,450> |
<40.53%> |
|
250,000 |
198,500 |
<51,500> |
<20.60%> |
| Vacant Land |
42,625 |
83,000 |
40,375 |
94.72% |
|
33,750 |
40,000 |
6,250 |
18.52% |
| Commercial |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
| Condominium |
0 |
0 |
0 |
|
|
310,000 |
0 |
<310,000> |
<100.00%> |
| Business |
0 |
0 |
0 |
|
|
0 |
0 |
0 |
|
4 Comments on June 2008 MLS market reports are in - Median Sales Price - Kona Real Estate
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Love Kona! I worked in Puerto Vallarta, Mexico - a vacaton destination - and when the airlines cut flights we found out the hard way just how much business we lost! Then when other airlines stepped in to fill the void, our business picked up again. Hopefully that will happen to your market as well. Good luck and aloha!