Hawai’i Island Real Estate Market Update: August 2021

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The number of single family homes increased slightly from 251 homes sold in July to 260 homes sold in August. This is a slight increase of 7% when compared with the number of single family sales last August.

There was an increase in the number of condos sold last month, increasing from 81 condos in July to 90 condo sales in August. While the number of condo sales remain below what we saw in March and April, the number of condos sold last month is 38% higher than the number of condos sold in August 2020. For land, there was a slight decrease last month in land sales, dropping from 283 land sales in July to 252 land sales in August. This is a 34% increase in land sales when compared to last year at this time.

The average days on the market for land and condos saw significant decreases last month. For single family homes, while the number of days on the market increased last month slightly, when compared to earlier this year in March we have seen a significant decline. Similar to previous months, with a limited inventory spending minimal time on the market, there remains to be strong competition for buyers.

For land sales, the average days on the market dropped down from 138 days in July to 114 days in August. Last year at this time, land stayed on the market for an average of 201 days. Puna, where the majority of the land sales took place, saw a steep decline in days on the market last month, dropping to 75 days from 169 in August 2020.

The median sales price for single family homes sold hit $507,000 last month, increasing significantly from $435,000 in July 2021. North Kona single family homes increased slightly last month at $912,500, which is a 36% increase when compared to this time last year when the median price was at $668,886. The median sales price for condos was $450,000 in August, down from $475,000 in August 2020.

The median sales price for land sales was $54,000. Since last year, land prices have more than doubled. Compared with August 2020, land prices in North Kona have increased by 50% and in Puna land prices have increased by more than 100% with a median price of $35,500.