Hawaii Big Island Diving

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real estate market, part of the Big Island’s housing market, picked up the pace of sales in the month of May despite lower purchase prices. According to a June 7, 2010 article from Pacific Business News, “Sales of condominiums on the Big Island rose by nearly 75 percent last month, and sales of single-family homes were up by 25 percent when compared to May of last year. There were 52 condos sold on the Big Island in May, 71 percent more than the 31 units sold during the same month in 2009, according to statistics from the Hawaii Information Service.” The piece went on to note that “Prices, however, were down for both categories. The median price for a single-family home on the Big Island in May was $279,500, down 7 percent from $300,500 in 2009. The median price for a condo in May was $285,000, down 8 percent from $309,000 in 2009.”

It might be a slow road ahead for Kohala Coast homes for sale, as the economic recovery of the Big Island seems destined to be slower than the rebound on Oahu. According to a June 8, 2010 article from Hawaii News Now, “The latest state report on tax revenues and building permits shows a decidedly lower economic recovery on neighbor islands than on Oahu. The monthly update on Hawaii leading economic indicators, released Tuesday by the state Department of Business, Economic Development & Tourism, contains figures that mostly cover the first quarter of this year: January, February, and March.” The report by Howard Dicus found that “Excise taxes were down 2% on Oahu, down 8% on Kauai, down 16% in Maui County, and down 18% on the Big Island, compared to the first quarter of 2009.”

The slowing of the statewide foreclosure rate should encourage an eventual recovery of Kohala Coast real estate, along with some other key factors. According to a June 9, 2010 article from Pacific Business News, “The number of Hawaii homes receiving foreclosure filings in May was on the rise, but the rate of increase slowed from the month before…Hawaii had a total of 1,055 foreclosure filings last month, or one out of every 486 housing units…”