The Kona real estate market inventory has edged up slightly over the past month. At the same time, the 12 month moving average and median price has also moved upward.
This is the first time since the downturn began in late 2006 that year over year prices have shown an increase. Basically, this means that the average and median prices in the past 12 months are higher than they were in the same period from 2010 to 2011.
Kona Market at a Glance
The North Kona residential moving average and median price is showing a slight increase. This increase is for homes priced up to $4,000,000 that have been sold in the last 12 months. The new median price is $374,000, up from $370,300, for the 12 month period from August 15, 2010 to August 15, 2011.
Another statistic that reflects the residential price increase is the median price for all West Hawaii homes sold in the past and previous 12 month period. The median price for the 835 sales in the 2010 to 2011 period was $330,500, and for the 2011 to 2012 period it is $340,000; a +3% change.
The increase appears slow, however, each statistical update seems to show an improving trend.
Distressed Properties Inventory Continue Slow Decline
The Big Island trend over the past 12 months shows a steady decline in the percentage of distressed properties. Waikoloa is the only exception, showing a slight increase in the percentage of distressed properties available for sale. However, the total numbers of these properties show a significant decline since August 2011.
The island-wide count for REO (foreclosure) properties for the major lenders tracked is the same as the last update at only 88 properties. This is dramatically down from the high count of 236 properties in August of 2011.
While the overall Kona real estate market inventory remains extremely low in the under $400,000 price range, there are some great deals to be found in the $500,000 to $700,000 price range.
A hui hou!
*Data republished with the courtesy and approval of the Griggs Report.