Thursday, September 30, 2004

Kailua-Kona home
prices place among the
nation’s top 10 markets

The white-hot housing market of Kailua-Kona was the 10th most expensive in the country through July of this year, according to an annual Coldwell Banker home price index that also placed Honolulu 44th out of 348 housing markets nationwide.

Kailua-Kona homes sold for an average $1,087,500, according to the Home Price Comparison Index, which looked at single-family dwellings of approximately 2,200 square feet with four bedrooms, 2.5 baths, a family room and 2-car garage.


The Coldwell Banker index is designed to give middle-management transferees an idea of real estate prices in the 348 "most relocated-to" areas of the country.

Honolulu homes fitting the index's criteria sold for an average $614,750, 44th in the country, while Kihei, Maui was 46th at $591,630.

Coldwell Banker bills the index as an "apples to apples" comparison of similar homes, but many of the 43 markets that ranked higher than Honolulu were much smaller, wealthy enclaves in Northern California, Connecticut and Massachusetts.

For the second straight year, the most expensive market in the country was La Jolla, Calif. ($1,708,333), followed by Beverly Hills, ($1,313,750), Santa Barbara ($1,230,000), Palo Alto ($1,212,000) and Greenwich, Conn. ($1,192,000).

Compared with larger cities, Honolulu ranked below San Francisco ($1,125,500), Boston ($1,053,00) and Chicago ($763,333), but higher than San Diego ($607,475), Atlanta ($283,000), Portland ($262,600), New Orleans ($250,375), and St. Louis ($229,325).

The lowest-priced market in the country was Minot, N.D. at $130,000.

Homebuyers contemplating a move to another city can calculate that city's home prices using the index, at www.coldwellbanker.com.



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