Hawai’i Island Real Estate Market Update: February 2021

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Last year at this time, nobody could have anticipated the year that we faced and nobody anticipated that the real estate market would be in the state that it is in now. Last year at this time, we weren’t yet seeing the pandemic affect the real estate market. February 2021 saw 54% more sales than there were in February 2020. Land sales for the island have more than doubled since this time last year, and increased slightly when compared to January 2021. The number of sales for single family homes decreased slightly last month for single family homes when compared to January, decreasing from 243 to 236.

In February there were 98 condos sold, which is up from slightly from January. However, compared to January 2020 this is an increase of 42%. All but 7 units sold were in North Kona or South Kohala.

This month, we continued to see multiple offer situations when a property is priced properly. With inventory still very limited and interest rates still low, there is a lot of competition for buyers. Prices have increased when compared to February 2020, increasing by 17% for single family homes, 2% for land sales, and by 48% for condos. Single family homes in North Kona have seen an 23% increase when compared to February 2020 and South Kohala single family homes saw a 26% increase. Reach out to your LUVA Realtor today for more market data or for information on buying and selling in today’s market!