Kona Real Estate A Good Time For Buying
It has been a hot July, hottest temperatures since 1983. Kona residents were finding relief at the local beaches or hiding out in air conditioned offices and homes. The Kona real estate market did not resemble the temperature, with residential median sales prices decreasing for a second consecutive month.
In July 2015 the the median sold price in Kona decreased from June 2015 in all market segments. Residential median sales price was $485,000 down from $560,000 in June. Condominium sales was $254,000 down from $272,250 in June. Land sales followed with median price at $580,000, a decrease from $743,674.
July’s month end sales include 45 homes, 35 condos, and 7 vacant lands. Here in the first week of August, there are 243 homes, 178 condos, and 156 vacant lands on the active market. Of the 243 homes, only 43 homes are priced $500,000 or less.
For the prospective buyer with a pre-qualification of $500,000, this means they have only 17.76% of the Kona home inventory to consider. Today, a lot of the inventory has been bought up, making it more difficult for the average buyer. Too much competition and low inventory can be frustrating, just don’t give up. Your LUVA Real Estate agents are ready to walk with you every step of the way.
The good news is that mortgage rates are holding steady according to industry experts. Visit LUVA Real Estate now, to discover your Hawaii Island home. We offer a dynamic search of the real estate market via the LUVA website. Visit us today and stay connected 24/7 to check available Big Island Properties. Interested in a personalized search for your Kona home? Or perhaps you are considering selling your Kona home and beginning a new chapter. Call us today, we can help.
For median sales activity on all of Hawaii Island, please see the following graph. The source of our statistical information is Hawaii Information Services.