Big Island Real Estate Market Report: July 2020

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For the second month in a row, we are seeing signs of improvement across most markets and property types. In particular, single family home sales are picking up at a more significant speed than condo sales. LUVA Realtors report that the Kailua-Kona market has increased seller and buyer activity and of the 68 homes and condos sold in Kailua-Kona in June, 25 sold in under 15 days, and 12 more sold in under 30 days. Realtor Lance Owens stated that “priced right, your home will have multiple showings and in many cases multiple offers. Now is the time to price it correctly, aggressively and be ready.” We have also seen sales activity pick up in the luxury real estate market, in particular homes priced $1,000,000 and over.

Overall, prices remain stable. Year to date, the median sales price for single family homes across the island has increased 4.2% and has decreased 2.7% for condos. One outlier market is in North Kohala, where there has been a 34% decrease in single family homes, and a 47% decrease in condos when compared with last year.

The number of new listings and the number of sales have increased since May, a promising sign. Many buyers are returning to work and re-entering the real estate market and sellers are gaining more confidence in the market. As of right now, the 14-day quarantine will end for those who test negative for COVID-19 and there are many buyers who are waiting until they can be physically present before purchasing. LUVA Realtors anticipate that once the travel restrictions are lifted, real estate sales will continue to increase.