June house sales in North Kona were down 38% versus June of 2007, with 19 sales. This number was also down from May where we saw 28 sales. The median sales price for single family homes also fell. The June median sales price was $505,000, compared to $558,230 in June of 2007, and $559,036 in May.
Condo sales in North Kona remained mostly unchanged from last year, June saw 17 sales compared to 19 in June 2007 and 21 in May. For the third consecutive month, there was an increase in the median sales price of North Kona condos. The $420,500 median sales price was 5.65% higher than a year ago, and a significant 18% higher than just last month.
South Kohala single family homes continued their large sales decline. There were 12 sales in June compared to 22 last year (-45%) and 15 last month. The median sales price for June was $491,305, down from $572,077 in 2007, but up from the $485,000 in May.
There are two things to note from these numbers. First, prices in South Kohala are holding in spite of the low number of sales. This may lead one to conclude that current owners have reached the point where they can not lower prices much more. Secondly, we continue to see people moving to the condo market in Kona, driving up prices. Eventually these buyers will reach the price point where single family homes in North Kona look like a value.
Feel free to call or email me at any time if you have questions about the market.