Residential:
There were 326 single family homes sold on the entire island in the second quarter this year. This number is down from the same period last year where we saw 463 sales, but up from this years first quarter total of 293. The median sales price was $378,000, down 1.8% against last year, and up $3,000 from the first quarter.
North Kona sales were down 21.7% against last year for a total of 79 sales, which was up 10 from the first quarter. The median sales price was $525,000; down $90,000 versus last year, and down $41,081 from the first quarter.
South Kohala had 39 sales compared to 70 last year and 46 in the first quarter. The median sales price was $485,000 down nearly $68,000 from last year and down almost $32,000 from the first quarter of this year.
Condos:
The island saw 115 condos sold, down 42 units from last year, but up 19 units sold from the first quarter. The median condo sales price was $427,875, up 7.25% from last year, but down from the first quarter median of $471,000.
North Kona condo sales were down to 58 units from 77 last year, but better than the 47 units sold in the first quarter. The median sales price was $403,000, up 6% from last year and up 9% from the first quarter this year.
South Kohala condos accounted for 44 sales, down from 56 last year and in line with the 43 sold in the first quarter. With so many resort properties sold in this area, the median sales price is quite volatile. We saw a median price of $677,450, which was down nearly 22% from last year, but up from the first quarter median of $629,000.
It appears that condos in Kona are beginning to strengthen. We have been watching this over the last couple of months with guarded optimism. I think one more month of strength may solidify this market segment. As I mentioned before, many people buy condos in Kona first, due to the favorable price compared to homes. Eventually the gap between the two closes and we see more residential sales.
If you ever have any questions, feel free to call or email me anytime!