April 2018 West Hawaii Housing Market Update

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Pool and Condo Complex in Hawaii IslandThe tale of the median price of homes in West Hawaii for March is a story of inventory skewing the numbers. “Sometimes a big sale in Kohanaiki or Four Seasons Hualalai can totally skew the numbers and another factor is the lack of inventory,”stated Lance Owens, LUVA Real Estate and President of the West Hawaii Association of Realtors.

Although the median price of a single family home for March in North Kona according to the Hawaii Information Systems is $800,000 compared to March 2017, which was $574,000. It would appear that prices jumped over $200,000 year over year, but what is happening is that there are fewer homes for sale in the lower price bracket under $500,000, forcing buyers either into higher priced homes or out of the market or into condos. However, the buyers were out in March with 57 closed sales in 2018 vs 48 in 2017.

In South Kona, the median price of single family home was $544,500 up from $480,000 in 2017. South Kohala also saw a big price jump from $570,000 in 2017 to $654,000 in 2018.

For condos, North Kona saw a median price of $369,000 compared to $285,000 a year ago with 39 closed sales for March 2018 vs 48 for March 2017. In South Kohala, the median price of condos actually dipped year over year from $550,000 last year to $495,000 this year with 33 closed sales in 2018 and 27 sales in 2017.

Vacant land continues to be a hot commodity in South Kohala with the median price of land at $299,000 in 2018 with 13 sales compared to $160,700 in 2016 with six sales.

In North Kona, prices appear to dip year over year with $335,000 as the median price this year compared to $400,000 in 2016.

Island wide, there are fewer opened listings this year than last for both condos and single family homes.  During the pat few months, home sales have continued to outstrip supply.

As we head into May in a few weeks, which is a normally slower time for real estate in West Hawaii with less buyers on the island for winter and spring breaks, deals may be opening up. According to real time real estate data company, Altos Research, many of the active listings in Waikoloa are already seeing price decreases. We suggest working with a LUVA Real Estate agent to get on our listing alerts so you can see new homes as they come on the market and any price decreases on existing inventory, as well.

LUVA Real Estate is happy to help you get your home listed and take advantage of a decidedly hot market. Give us a call for a free Cost Market Analysis today!