The start of 2021 has remained a busy time for Hawai’i Island Realtors. The number of sales has increased considerably when compared to this time last year. Overall, the number of sales for all property types on Hawai’i Island has increased by 30% when compared to January 2020. Land sales have increased the most significantly – with the most impressive increases in North & South Kona. Condo sales year over year have increased by 42%, but saw a slight decrease when compared to December 2020.The number of sales for single family homes decreased slightly last month when compared to December, decreasing from 294 to 243. This represents an increase of 11.9% when compared to last January.
The average days on the market remained stable last month for all property types except condos where there was a drastic increase from 64 days in December 2020 to 134 days in January 2021. For single family homes, the increase was minimal, jumping from 58 days in December to 76 days on the market in January 2021. For land the average days on the market was 162, which is down slightly from 184 days in December 2020.
The median sales price for Hawai’i Island last month was $460,000 for single family homes, $469,500 for condos, and $37,000 for land sales. Prices have increased since this time last year, increasing by 2.6% for single family homes, 42% for land sales, and by 9.2% for condos. South Kona and North Kohala single family homes have seen the greatest price increase since last January. Inventory remains limited and because of the heavy buyer demand, homes priced correctly are only spending a limited time on the market. Contact your LUVA Realtor today for more market information!