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Compare today’s real estate market to last year’s real estate market and you will see two very different markets. In April 2020, we experienced a steep decline in real estate activity as we were first beginning to see the effects of the state’s first stay at home mandate. Today, while we still have a limited inventory, we see a drastic increase in the number of sales and in the median sales price. With the limited inventory and high buyer demand we are also seeing a decreased average number of days on the market. The market is moving at a pace that was not expected by anyone and the pace continues to speed up as the months go on. For single family homes there were 59% more sales last month when compared to April 2020. For land sales, we saw more than double the amount of sales in April when compared with a year ago. For condos, the increase in the number of sales is over 200%.
The median sales price for single family homes sold last month was $480,000, which is up significantly when compared with April 2020 when the median sales price was $365,000. The median sales price in North Kona was $999,999 last month, compared to $763,500 in April 2020. South Kona and North Kohala have also seen significant increases in the median sales price when compared to April of last year.The median sales price for condos last month was $485,000, compared to $349,900 in April 2020. Condos in South Kohala saw a staggering increase in the median sales price when compared to last year at this time, jumping from $614,500 to $825,000. Condos in North Kona have increased from $372,000 to $435,000 when compared to this time last year.
Right now, the market is moving at the fastest pace it ever has. It is an anomaly of a market and while normally these reports are meant to help readers understand and predict where the market it is headed we feel it is important to note that because of the uniqueness of this market – it is challenging to predict what will occur next.