The Kohala Coast real estate market

January 6, 2011 by  
Filed under Real Estate

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The Kohala Coast real estate market, found on the Big Island of Hawaii, drove much of the improvement in the larger Hawaii Island housing market, according to statistics released by the Hawaii Information Service and Pacific Business News. South Kohala saw a dramatic increase in condominium sales in November of 2010, rallying by a dramatic fifty-six percent since January of 2010. These buyers were primarily second-home buyers, driving a boost of sixty percent on the Big Island alone between the months of January and November. Similarly, the outer islands saw a boost of forty percent over those eleven months, largely driven by the improvement on the Big Island. Single family home sales on the Big Island, Kauai, Maui, Molokai, and Lanai rose by a cumulative total of just over twenty percent between January 2010 and November 2010. Like most of the outer island real estate markets, the Kohala Coast housing market saw a decrease in median price in conjunction with the higher sales volume, signaling a continued buyer’s market. The local real estate market, including Kohala Coast homes for sale and condominiums for sale, is heavily dependent on the tourist industry and the overall economy of the Aloha State.

The number of Kohala homes for sale that were put on the market as a result of foreclosures decreased in the month of November, along with the rest of the Big Island and Hawaii housing markets. According to statistics released by RealtyTrac, there were a total of eight hundred and seventy seven foreclosure filings in the month of November 2010, a slight increase from November 2009 but a decrease of more than thirty percent relative to October 2010.  More significantly, the figures released by the research firm indicated that the number of filings in the most recent tracking period were almost fifty percent lower than the peak levels recorded in August 2010. Unfortunately, the temporary relief to the Outer Islands may change after the holiday season passes, as the Hawaii foreclosure market begins to restabilize and regain speed. Although the recent rates of foreclosure may be higher than normal for Hawaii, the levels are still substantially lower than many hard-hit communities in the continental US.

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