Overall the Hawai’i Island real estate market did not show signs of cooling off last month. According to The Griggs Report “pending sales are strong and lack of inventory is driving up prices.” The number of sales decreased slightly last month when compared to October, decreasing from 279 to 255. However, this is an increase of 26% when compared to November 2019. 45.4% of the single family home sales were in West Hawaii, with majority of the sales on West Hawaii in North Kona.
For condos, the number of sales remained stable last month increasing from 81 condos sold in October to 82 condos sold in November. Land sales also remained stable last month decreasing slightly from 218 in October to 203 in November. Inventory remains tight, driving pricing up, especially in high-demand markets like North Kona where the median sales price has climbed 39% when compared to this time last year. Overall, when comparing prices to this time last year we are seeing significant price increases. The median sales price for Hawai’i Island last month was $447,000 for single family homes, $447,500 for condos, and $35,000 for land sales. These prices represent increases of 13% for single family homes, 16% for land sales, and by 20% for condos.
As buyer demand continues to be strong with the limited inventory and low interest rates, the average days on the market remains stable for single family homes and land with a significant decrease last month for the condo market. Condos spent an average of 62 days on the market last month, dropping from 90 days in October. The new DOM average for last month was 15% lower than the days on market at this time last year.