The news must have gotten out that the Big Island is free of both active lava and VOG, as more homebuyers were purchasing property in the first part of this year than last year driving up prices in both the condo and single family market in North Kona and South Kohala.
Single family home prices in North Kona rose 14% from February 2018 to February 2019 and are up 12.5% from year to date from last February according to statistics from the Hawaii Information Service. The median price of a single family home in North Kona was $573,500 in February 2018 and $655,000 in 2019. Interesting to note, the sales volume of single family homes rose 55.33% year over year. Condos in North Kona saw a 20.80% leap from February 2018 to February 2019 with median prices at $377,500 this year compared to $312,500 last year. Sales are up 3% year to date for condos, as well. Sales volume year to date rose 5%.
For South Kohala, single family home prices were more subdued than North Kona with an increase of 4.5% from February 2018 to February 2019. The median price of a single family home in 2018 was $681,125 and $711,968 in 2019. For condos, the median price jumped 14.21% year over year to $474,500 in 2019 compared to $422,500 in 2018.
South Kona saw a 117% increase in single family homes from $247,125 in 2018 to $538,000 in 2019, but that could possibly be a few sales of more expensive homes skewing the median price.
Islandwide, residential sales increased 6.36% year over year, but sales volume decreased 13% for single family homes.
We are seeing an increased interest in Kailua Kona perhaps due to the frigid temperatures on the mainland this year and more would be homeowners are cashing out their homes in the upswing of the market which has given more people equity in their homes during the past four years to put those funds towards homes here on the island. As we are heading towards April, the rush of snow birds and vacationers are waning and it could be a good time to look at homes without the frenzy of frozen mainlanders here on island!
We can send you listing alerts so you can see homes as they enter the market and any price reductions, as well. Just give LUVA Real Estate a call and we will connect you with a team member.