Condo sales in Kona showed a great deal of activity in March with a total of 22 sales for the month. Because of 3 sales in Hulalai, the average sales price was a hefty $518,141. This compares with February condos sales of 24 condos at an average price of $252,057.
Kona coffee in the mornings and Mai Tais at sunset on the oceanfront lanai of (MLS# 253687)
Kona is really a tale of two markets with the resort sales from Hualalai closing in the millions and sales prices in Kona starting at under $100,000. Pick your price and pick your market, there is truly a condo for everyone in Kona.
Here is a Look at All the March Condo Sales in Kona:
In March, there were 8 sales in the distressed sales category of short sales and REO’s. Compared to other parts of the Big Island, this is not a very high percentage of this type of sales, but as you can see, this type of sale is even found at Hualalai.
At this time, there is a good supply of condos in escrow – 81 total Kona condos. With just 23 of these being distressed sales, it looks like the Kona market is working through distressed sales. In looking at condos for sale, there are 195 units listed for sale, but only 22 condos are listed as a distress sale. Both of these numbers show that, for now, “regular” sales are more the norm for Kona condo buyers.
What Does This Mean For Sellers and Buyers?
Well, one of the driving forces in plunging prices was the large number of distressed properties on the market that were priced to sell below market value. The more distressed properties on the market – listed at below market prices – the lower the sales prices for the market.
With the disappearance of distressed sales holding down large percentages of a real estate market, sellers can return to pricing at market value…or perhaps even a bit above market value. If you’re a buyer looking for a “foreclosure sale,” now is a good time to get serious about buying a Kona condo.
I love the Big Island! Aloha.
Pat Strausse, RB