One year ago as COVID 19 was just beginning to force the world to shutdown, the real estate market slowed and just 12 months later we are seeing a completely different ball game. For starters, there were 59% more sales on Big Island last month when compared to March 2020.
For single family homes, there were 316 sales last month, representing a 32.5% increase when compared to March 2020. The busiest markets with the majority of these sales were North Kona and Puna. While the median sales price for single family homes is similar to last year at this time, but there have been drastic increases for certain markets. For example in North Kona the median sales price was $940,000 last month, while last year at this time the median sales price was $764,000. South Kona prices have risen drastically as well, rising from $451,000 in March of 2020 to $595,000 in March 2021.
Another type of property that has seen drastic changes when compared to last years….land. The number of land sales across the island has increased by 83.02% when compared to this time last year. The price of land on the Big Island is increasing as well, land prices have increased by 36% compared to last year at this time, with a new median sales price of $39,000.
As many people look to trade in the busy city life for a slower paced island lifestyle, the condo market continued to gain more traction as well. We are seeing a high demand from both buyers looking to relocate permanently and those looking for an investment property. There were 135 condo sales, which is double the amount of condos that sold at this time last year. There was also a significant increase in the number of condo sales when compared to February 2021 when there were 98 condo sales. Condo prices have increased by 23.4% since this time last year, with a median sales price of $506,250. Condos in South Hilo have increased the most, with a 59% increase when compared to last year.
If you are considering selling your property on Big Island, it is an ideal time for sellers to list their homes and stand out with the low inventory and high buyer demand. Reach out to your LUVA Realtor today to find out more information on the Market today!