Kona Real Estate
April 16, 2010
The Kona real estate market is receiving mixed signals from key market indicators, but the overall trend seems to be towards a gradual recovery on the Big Island of Hawaii. According to West Hawaii Today, “Real estate prices in West Hawaii continue to rise at a rate among the highest in the nation. The area’s lack of affordable housing is being addressed by the Hawaii County Council and Hawaii State Senate.” This piece, which is categorized as the introduction to a special on West Hawaii Real Estate, continued to note that “First-time homebuyers are facing enormous financial challenges in finding and purchasing a house. This three part series explores some of the key issues involved in the West Hawaii housing market.” The report continued to cover the increased demand from mainlanders, the problems facing average residents, and the financial challenge of buying a first house.”
A more complex picture was reported in an April 6, 2010 article in the Honolulu Star Bulletin, which noted that “Home buyers might be slow in their return to Kauai and the Big Island, but market watchers welcome the cautious activity. In March, 130 single-family homes were sold on the Big Island, a 39.8 percent increase from 93 sold in March 2009.” The article, written by Gene Park, continued to state that “The median price for homes dropped 4.7 percent, to $305,000 last month from $320,000 in March last year.” According to Putnam Clark, the CEO of Clark Realty, “We had a great first quarter, and I anticipate the turnover will continue and more and more people will be deciding that this is the time to step in.”
Home sales were one bright spot for Kona homes for sale, with Big Island home sales drastically increasing, according to an April 5, 2010 article in Pacific Business News. According to the article, “Residential home sales on the Big Island jumped 40 percent year-over-year in March, while the number of condominium sales more than doubled. The Big Island recorded 130 single-family home sales last month, up from 93 the year before, and 49 condo sales, up from 24 in March 2009, according to statistics from Hawaii Information Service.”
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