The snapshot of the West Hawaii real estate market shows that we had a very busy early part of the year for both single family homes and condos with more buyers than sellers.
We asked Kurt Carlson, LUVA Real Estate agent to help us with sales volume and year to date statistics to give you a clear view into the current housing market and his insights into the market in the wake of the current lava eruption event on the East side of Hawaii Island.
“The Kilauea Volcano has been active for the past two weeks with active lava flows in the Puna area near the Leilani Estates subdivision and neighboring areas”, stated Kurt Carlson, LUVA Real Estate agent. “Some home buyers actively looking to purchase in the area have either put their plans on hold or are considering other locations on the island. I think it’s too soon tell if this recent volcanic activity will affect localized prices, but I predict the prices will drop as the demand for those locations decreases in the near term. Plus, home owners that had no plans to move may decide to sell their homes, which may increase inventory and push prices lower. Prospective homeowners seeking to live in higher risk Lava Zones 1 & 2 will pay a higher premium for homeowner’s insurance due to the increased risk and buyers should carefully review their cost of home ownership to include this factor”, Carlson concluded.
Carlson also noted that at present the North Kona market does not seem to be affected by the recent volcano activity, as buyers are in town and scheduling property showings with their agents.
We want to remind people who are not familiar with Hawaii Island, that Puna is 100 miles away from West Hawaii and is NOT being affected by the lava flows.
Altos Research, which provides real time data, is stating that we are still in a sellers market in both North Kona and in South Kohala. Seven homes that came on the market in the median price range of $547.000, were sold within 71 days, which includes the average time span of a 45 day escrow period.
Altos reports that the median home price in Waikoloa is $599,000 with a market that continues to lean into a sellers market. Inventory has held steady at or around 36 homes for sale.
North Kona Single Family Homes
According to data from the local multiple listing service in North Kona for single family homes.
sales counts were down 11.54% with 46 sales, compared to 52 for April, 2017. The total year to date home sales are 167, which is down from 170 for this time last year, or -1.76%.
The sales volume was up 9.85% at $52.585,000, compared to $47.871,000 for April, 2017. Total year to date home sales volume is $207.214,000, which is up from $138.194,000 for this time last year an increase of +49.94%. The year to date median price is $675,000, which is up from $617,875 for last YTD, or +9.25%. Interesting to note that year over year, the median price of a single family home in North Kona has risen 25.29% at $817,500, compared to $652,500 for April 2017.
“There are fewer lower priced properties on the market due to demand, so buyers have to move up on price to find a property with the amenities they’re looking for. We shall see over the next few months if this is a trend for higher prices in the market,” Carlson stated when asked about the median price of $817,500 for a median price of homes in North Kona.
North Kona Condos:
As single family home prices have risen, so has the demand for condos. Sales counts were up 30.77% with 51 total sales, compared to 39 for April, 2017. However, year to date total condo sales are 144, which is down from 154 last YTD, or -6.49%. Sales volume was up 13.93% at $27.881,000, compared to $24.471,000 for April, 2017. The year to date condo sales volume is $87.230,000, *–/// which is down from $87.327,000 last year at this time, or -0.11%.
The median sales price was up 12.07% at 325,000, compared to $290,000 for April, 2017. The current median price is $343,900, which is up from $295,250 last year at this time, or 16.48%.
If you would like to have up to the minute sales statistics for a neighborhood you are looking at or need a cost market analysis done as a home owner, please contact LUVA Real Estate today and we can connect you with one of our expert Realtors!