August is often one of the slowest months for sales here in Kona.This month sales were down a bit since last month but no where near the lows of the recent past. Foreclosures and short sales continue to occur but they do not dominate the market.
- After 5 months of over 40 closings a month we slipped back a bit this month to only 36.
- Foreclosures and Short Sales made up 1/3 of the sales. Well priced non distressed properties continue to make up the majority of sales.
- Escrows are holding steady at over 100.
- Only 14 of the 36 sales were cash sales so banks are definitely making loans for new purchases including condominiums and vacant land.
- Inventory is down across the board but still just above 1000 properties total. This is the next barrier Iâ€™d like to see broken.
- Kukio Resort had Konaâ€™s highest priced sale at $9.5 million and Konaâ€™s highest price foreclosure sale at $3.1 million.