As we head into the slower summer real estate market, LUVA Real Estate agents are seeing more inventory on the market with some price drops. Overall, this is a great time for buyers as interest rates have dropped to rates that are the lowest in years.
This is the last month until December that we can compare year over year data, for as you may recall, the eruption occurred in East Hawaii in early May of 2018 which then skewed the housing statistics for the entire island from June to November 2018. Looking back from this time last year, with our beautiful blue skies, inactive Kilauea volcano and solid real estate market, we are grateful!
Sales are on the uptick for single family homes in North Kona according to the Hawaii Information Service, as year over year sales have increased 12.9% from 31 homes selling in 2018 to 60 in 2019. Land sales have increased 80% year over year from 5 sales in 2018 to 9 sales in 2019. Year to date sales are up 5.88% with 234 homes sold since January 1, 2019.
Sales volume is for single-family homes in North Kona are up 14.34% year over year, but down 10.18% for the year to date and condo sales volume is up 15% year over year and up 9.77% year to date. Prices for single-family homes in North Kona have dropped 5% month to month from $659,900 in April and $622,000 for May 2019. Condo sales prices have risen 4.4% month over month from $340,000 last year to $355,000 in May 2019. Year to date, condos have risen 5%.
Prices for single-family homes have risen in South Kona 26% from $344,680 to $437,5000 and in South Kohala, single-family home prices have dipped 5.74% year to date from $575,000 to $570,000, while condo prices in the area have risen 4.95% year over year.
In general, we see a strong market with the time of the year and increasing inventory causing some price fluctuations from earlier in the year. If you would like to obtain more information about a specific neighborhood or area, please call LUVA Real Estate and we can discuss the current market and set you up on a listing alert to get listings as they come on the market in your email inbox.