The Kona real estate market, based upon the data, indicates continued strong activity in the residential market. The residential inventory decline has been steady and relatively consistent ever since the inventory peaked at 474 homes in March 2009. The current residential inventory currently stands at 232 homes.
Will the strong pending sales numbers continue into the Summer buying season?
Kona Market at a Glance
The Kona median home price remains relatively flat, bouncing slightly between $365,000 and $367,000, despite continued inventory decline. At present, approximately 60% of all escrows are in the “$0.00 to $400,000″ range.
A year ago, there were only 15 total pending sales over $700,000, that number currently stands at 22. The $4M+ price range has six homes in escrow, which is the most seen in several years, if ever. Total list price volume for the six properties in escrow is $46.5M.
The pending ratio for condominiums continues its strong upward momentum. The pending sales ratios for all price ranges have improved significantly compared to last year, with the exception of the $400,000 to $500,000 price range. However, the land market remains weak with few pending sales due to the abundant supply of residential properties selling, in some cases, well below replacement cost.
Distressed Properties See Slight Change
The Kona real estate market is seeing a slight increase in the percentage of distressed properties listed in the MLS. The greatest declines island-wide for distressed properties are occurring in the Waimea, Puna, and South Hilo markets.
Even though the REO (foreclosure) portion of the distressed property market appears to be in decline, data indicates that due to an increase in “Short Sale” activity, the actual percentage of distressed properties in the Kona real estate market has not been in a decline for the past month.
Want the Most Accurate Information For Sound Buying Decisions?
Staying up to date with the North Kona residential inventory is what I do best. As an Accredited Buyer Representative (ABR), making sure that my clients have the most accurate information in order to make sound buying decisions is my mission.
If you are in the market for real estate anywhere on the sunny Kona coastline, please contact me anytime for a no obligation “talk story” about why I make Kona home. Let me help you to live your best Hawaii life!
Please feel free to contact me anytime at:
Todd Barrett, Realtor (S), ABR
*Data republished with the courtesy and approval of the Griggs Report.