As visitors were coming to escape the cold from the mainland in January, they were also here in droves buying homes, too. LUVA Real Estate agents were markedly busier this January compared to last year and the statistics show the increased activity and interest in homes in West Hawaii.
Single family home sales were cooking in January, as the number of sales increased 35% year over year in North Kona and 150% in South Kohala, according to sales statistics from Hawaii Information Service for January 2020. Homes sales in North Kona rose from 34 homes sold in 2019 to 46 in 2020 and in South Kohala from 12 to 30. Condominium sales fell 12% in Kona year over year and rose 8.3% in South Kohala. Islandwide, residential homes sales rose 44.5% from 148 in 2019 to 214 in 2020.
The median price of single family homes rose in both areas to match the desire for homes in West Hawaii. The median price of a home in North Kona rose 22.23% year over year from $609,500 to $745,000 and in South Kohala, prices rose from $545,000 to $702,500, a 31% increase from January 2019 to January 2020. The median price of condos in North Kona rose 20% year over year from $325,000 to $390,500 and in South Kohala prices rose 31% from $482,000 to $632,500.
For sales volume for January in North Kona, single family homes rose 74% year over year and in South Kohala, the sales volume rose a whopping 567%.
Mortgage rates have fallen a full percentage point since October 2018 to around 3.7 percent. Low interest rates are bringing more buyers to the market across the nation. LUVA Realtor, Char Isobelo, is seeing the market heat up in Kona. “I have multiple buyers waiting for something in the right price to come up, and when a property does come up, it’s a multiple offer situation.” She said it may be a waiting game for buyers, but “It’s definitely a great time to sell.”
Now may be the time to consider selling your home to take advantage of the winter market. LUVA Real Estate can help you price and market your home competitively. Please contact us if you would like a comparative market analysis.