6 West Hawaii Real Estate | January 4, 2019
MLS Statistics North Kona residential market off from 2017
The North Kona Residential market data indicates sales are
off from 2017. Affordability is probably the keyword addressing
the cause of slower sales and the slight price decline.
The May 3 rift zone eruption undoubtedly played
a role. The decline in affordability has had an effect of slowing
sales and price growth nationwide.
The islandwide stats show the year over year average price is
still up in East Hawaii. West Hawaii average price is off a notable
amount. For all of West Hawaii we see a (-6 percent) price decline
from 2017. Price Range Table suggests that this price decline is likely
due primarily to the decline in sales in the over $900,000 price
range. The average prices of the properties in the over $900,000
price range that did sell were (-13 percent) lower than in 2017.
North Kona Condo data is currently looking stronger than Residential.
Inventory is tight. Of the thousands of condo units in North
Kona there are only 152 currently on the market in the price range
up to $1.5 million. This supply vs. demand dynamic has pushed
prices higher, up +10 percent from the previous 12 months. Chart 2
suggest that there is still a good amount of upside to condo prices.
Current price level is well below peak prices of 2006.
Historically, sales data shows that in market cycles in Kona the
previous peak prices are surpassed by a substantial amount at the
next market cycles peak. The Residential Median Price is about
where it was at the peak in 2006. The Condo Median Price is well
below the previous peak. This suggests it is possible the current
price growth trends will continue for the next several years.
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North Kona Residential # Sold In Past 12 Months vs. Median Sale Price (thousands)
North Kona Condominium # Sold In Past 12 Months vs. Median Sale Price (thousands)
COLDWELL BANKER ISLAND PROPERTIES
FEATURED AGENT
IN ESCROW
Kailua Kona • Queen Ka‘ahumanu & Henry St. #203
Office # (808) 331-8200 • KonaAdmin@IslandProperties.com
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View Current Listings at IslandProperties.com
Office License # RB-16822
VILLAS AT KE ALAULA
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Marco Silva (808) 557-8921
RB-20599 $2,675,000 / 621193
KONA VIEW ESTATES
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3 bedrooms/3.5 bath luxury home, resort-style living with 180
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Karen Ostlie (808) 937-1174
RS-60256 $1,950,000 / 621704
ALII COVE CONDO
Furnished 2 bedroom/2 bath condo. Open
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Kona Carla Womack (808) 896-6768
RS-61019 $395,000 / 623340
HUALALAI FARMS HOME
Spacious, 3 bedroom/2 bath home located on 3
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Casey Kinney (808) 896-6155
RB-18611 $950,000 / 622098
Sona Aredjian, RS-79858
Cell (808) 936-2165
SonaAredjian@gmail.com
Call Sona for your Big Island
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Large residential/agricultural property used for
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Buddy Norwood (808) 896-0144
RB-11909 $1,799,000 / 616736
SPACIOUS & TRANQUIL
KEALAKEKUA HOME
Well-maintained, 3 bedroom/2 bath home in
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RS-79858 $649,000 / 620557
MOEUHANE PLACE -
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No HOA restrictions allows you abundant flexibility for
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RB-16450 $317,000 / 622548
KONA PARADISE -
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RS-61019 $435,000 / 623628
UPPER OLAA FOREST
RESERVE
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RS-78042 $385,000 / 621610
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North Kona 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 2017 vs 2018
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