As we head into what promises to be a busy home buying season, LUVA Real Estate wishes you all a very happy holiday! We are working extra hard right now with sellers who are motivated to get their homes off the market before the busy season starts at the end of this month and into January. Take a look at our available listings and prepare offers now if you are in the market.
November Sales Statistics
North Kona According to the just released sales statistics from the Hawaii Information Services, the single family home market in North Kona has had an uptick in number of sales and sales volume, the median price has actually decreased year over year from $719,500 t0 $627,500, but year to date in 2019, the median price rose .85% from $643,525 in November 2018 to $649,000 in November 2019.
LUVA Realtor, Lance Owens, stated that this slow and steady pace for home sales in terms of pricing and inventory shows a stable and healthy market in West Hawaii. He noted that wild swings in the market have not occurred recently which is good for both buyers and sellers.
For condominiums in North Kona, the median price jumped 36% year over year from $283,500 in 2018 to $386,250, but year to date (which takes is a more accurate indicator) the median price rose 6.7% year over year to $346,250 vs $324, 500 in 2018. For number of sales, 32 condos changed hands in November 2018 vs 28 in 2019, a 12% decrease year over year. There also has been a 7% increase in year to date sales volume, which shows a healthy, but not, hot demand for condos.
For South Kohala, which includes Waikoloa Resort and Waikoloa Village, single family home prices declined 2.37% year over year from $645,295 to $630,000, but year to date prices rose .17%. The number of sales of single family homes were on par with 2018 vs 2019 with 18 homes sold in 2018 vs 20 in 2019. Condominium sales were exactly the same with 17 sold for each year.
Overall Market Trends
Sellers are starting to put their homes on the market now to capture early bird buyers, but many will place their homes on the market right after Christmas. January and February are West Hawaii’s busiest buying season and we are expecting an active season. Last year we saw a dip in prices as sellers poured inventory onto the market after the first of the year, which helped buyers, so work with your Realtor in making sure you are preapproved for a loan and on a listing alert to see what is coming on the market. Well priced homes are going under contract within a few days of being marketed, so keep your eyes open and let us help you find that home you are searching for!