If you were to view homes on the local multiple listing service for homes and condos under $550k, you would see MANY of the homes are contingent, which means they are in escrow, which shows the condo market is very busy and lower priced homes are the sweet spot in the market right now.
According to the Hawaii Information Service statistics which were released this week, September 2019 showed a 97% increase in sales volume for single family homes and a 31% increase in condos in North Kona over September 2018, which could still be reflecting the aftermath in home prices after the eruption. The interesting thing to note from last year is that although the volume was down, the prices for homes did not drop drastically, as homeowners and investors were willing to hang on through the eruption. In fact, in North Kona, the median price of a single family home for September 2019, is BELOW that of September 2018 at $688,000 this year compared to $719,500 last year.
Year to date, the median price of a home in North Kona is $648,838 compared to 2018 when it was $655,000, .94% decrease year over year. The condominium market in North Kona has popped up 13.95% year over year from the median price of $297,500 in 2018 to $339,000 in 2019. Year to date the median price has increased by 4.02% from last year from $330,00 to $343,250.
In North Kohala, where there are more expensive homes and one sale can tip the statistics, the prices rose 91% year over year from $490,000 in 2018 to $940,000 in 2019. Home prices are rising and inventory is dropping in Waikoloa Village, the little town six miles away from the coast that has been known to have more affordable housing than the Waikoloa Resort and Kailua Kona areas.
In North Kona, 45 single family homes sold in September 2019 vs 38 in 2018, an 18% increase year over year. For condos, 299 were sold last year vs 35 in 2019. In South Kohala, number of homes and condos sold only varied by two sales less this year than last.
Overall, the West Hawaii real estate market is moving along as would be homebuyers and retirees are seeing the value here compared to other islands, especially now that we have cleaner air than we have enjoyed since 1983. Homes priced competitively are leaving the market quickly, so pricing realistically is an excellent strategy in the current market for sellers. LUVA Real Estate has agents who can help you in the South Kona, North Kona and South Kohala Districts. Let us show you homes and answer questions you may have about the lifestyle in each area, as they are quite different!