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
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 | ||||
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