While there were not any drastic changes last month in the real estate market, some experts believe that the market may be starting to show slight signs of stabilizing. However, the market remains heavily favorable towards sellers.
In May, the number of single family homes sold increased slightly to 272 homes in June. This is a 65% increase in the number of single family sales last June, when the real estate market was just beginning to pick up. Last month, the majority of the homes sold were in Puna and North Kona.
The number of condo sales remained steady last month at 106 condos sold, with the majority of the condos transferring ownership in North Kona. This is more than double the number of condos sold last June. For land, there was a steep increase last month increasing from 264 land sales in May and 341 in June. 73% of the land sales were in Kau and Puna. This represents a 147% increase when compared to the number of land sales last year at this time. Homes and condos in North Kona flew off the market the quickest last month out of all markets on Hawai’i island, at just 17 days and 41 days respectively.
The median sales price for single family homes sold decreased slightly from $499,500 in May 2021 to $465,000 in June 2021. For the first time in months, North Kona median prices dropped from $948,250 to $842,500. The median sales price for condos increased from $439,000 in May to $485,000 in June. The steep condo prices in North Kohala, at a median of $827,000 last month, was a major factor for the increase in condo sale prices. The median sales price for land sales was $35,500, with land in North Kona remaining the highest prices at a median sales price of $507,500.