The housing market in West Hawaii continues to be positively affected by the annual upswing of homebuyers during the first part of the year.
“It seems to me the market has been gaining steam. I feel like we started off the year a bit shaky with the uncertainty of the presidential election. It appears that May, and especially thus far in June, the market has really been picking up. We had 6 new escrows open in the last 2 days”, Brian Collins, LUVA Real Estate, shared.
For the island as a whole, the median price of a single family home is $320,000 and condos are $273,000 according to information provided by Hawaii Information Services. Puna has seen the most home sales at 86 closed sales and 113 land sales.
How are the regions that make up West Hawaii performing?
North Kohala experienced a 27% increase in single family home median price year over year. Single family homes were $545,000 this May compared to $426,000 last year. 9 homes closed escrow in May 2017 compared to 7 homes in 2016. There was no data available for condos.
For South Kohala, the median price of a single family home is $540,000, an 11% increase from $483,000 at this time last year when 22 homes sold compared to 23 this year.
For condos, the median price is $575,000, a 15% increase from $500,000 with 23 sales this year compared to last. (To note: There are numerous luxury condominium complexes on the Kohala Coast in the resort areas, whereas fewer single family homes, many of which are located in Waikoloa Village, a village 15 minutes away from the luxury resorts and hotels)
The median price for a single family home in North Kona for May was $590,000 compared to $566,500 in May 2016. There were 49 closed home sales in North Kona in May compared to 44 this time last year, showing the demand for homes is still strong for this desirable area. For condos in North Kona, 42 sold this year, compared to 36 last year with a median price at $312,500 just up from $301,750 last year.
South Kona has experienced a drop in home prices year over year with the median price of a single family home at $454,450 compared to $510,000 last year. There is no condo data for this area available.
If you would like to compare the West Hawaii real estate statistics to the early spring/late winter timeframe, check out our April 2017 report.
LUVA Real Estate can provide in depth market reports for specific neighborhoods throughout West Hawaii at your request. Contact us today to learn more!