It is a unique time to be reporting on the real estate market, an unprecedented time where it is almost impossible to predict what will happen next. The market remains favorable towards sellers across all islands with bidding wars becoming more and more common when a home is priced appropriately. There is a demand from both local buyers and off island buyers relocating and it is causing a level of competition that is rare and unpredictable.
In May, there were 258 single family homes sold. While this is still almost double the number of single family homes sold compared to May 2020, it is a slight drop when compared to the previous month. In North Kona there were 62 homes sold, compared to just 14 sales in May 2020 and 85 sales in April 2021. There was also a drop in the number of sales last month when compared to April 2021 for condo and land sales. There were 107 condos sold last month and 257 land sales. The drop of the number of sales does not necessarily mean that the market is slowing down, but it represents the effects of a market with limited inventory. Last month, the average days on the market for single family homes was 57 days. For condos, the average days on the market was 62 days last month, compared with 84 days in April 2021.
Comparing the prices to last year at this time, and you will see a drastic increase across most markets on island. The median sales price for single family homes sold increased to $499,500 in May 2021. South Kohala had the highest median sales price at $1,085,000 followed closely by North Kona at $948,250.
The median sales price for condos last month was $439,000, condos in South Kohala remained the highest priced market for condos at a median sales price of $700,000 last month.
Connect with your LUVA Realtor today to find out more market statistics or to get more specific sales data!