The West Hawaii housing market is still holding strong as demand is still there pushing down inventory. There are still some deals in condos. The median price of a single family home is $620k in Kailua Kona, a slight decrease from last year. South Kohala saw price appreciation over last year with a median price currently at $582,000.
The West Hawaii real estate market report reveals homes sales activity and median price is rising in North Kona and South Kona with days on market showing a seasonal uptick. Read more for the full report.
July was quite a busy month for condo sales in North Kona with a 108.33% increase year over year from 24 sales in 2016 to 50 sales in 2017 and a 108% increase in sales volume year over year, as well. In South Kohala, the sales volume for condos was up 66.73% over July of 2016. Home prices in Kona are almost at 2006 levels.
The housing market in West Hawaii continues to be positively affected by the annual upswing of homebuyers during the first part of the year.
“It seems to me the market has been gaining steam. I feel like we started off the year a bit shaky with the uncertainty of the presidential election. It appears that May, and especially thus far in June, the market has really been picking up. We had 6 new escrows open in the last 2 days”, Brian Collins, LUVA Real Estate, shared.
For the island as a whole, the median price of a single family home is $320,000 and condos are $273,000 according to information provided by Hawaii Information Services. Puna has seen the most home sales at 86 closed sales and 113 land sales.
How are the regions that make up West Hawaii performing?
While housing markets in major metro areas across the country are sizzling amid lack of available inventory, the West Hawaii, and the Hawaii Island housing market is showing that fewer properties have been sold, but prices have increased from year ago levels. Well priced homes in the under 600k category are only lasting a few days on the market.
Across the island, residential sales in March 2017 dropped 37% from 205 properties sold in March 2016 to 129, while year to date, 554 homes sold by this time last year and 443 homes sold in 2017, a 20.04% drop, according to data from the Hawaii Information System. However, the median price of all properties was $296,000 in March 2016 and jumped 19.5% to $354,500 year over year. March, one of the busiest months of the year in Hawaii, where sales of homes in escrow from January and February close, shows that the median price of homes rose 36% from $305,000 last March to $415,000 this year.
For West Hawaii in particular, which covers the Kohala Coast and North and South Kona, the year over year data states that 37 single family homes sold in March last year in North Kona, while 27 sold in March, a 27% decrease. Home prices in North Kona have dropped year over year from $885,000 to $600,000, a 30% drop, while month to month data shows residential prices dropped 7.5% with home prices dipping from $632,500 to $585,000. For South Kohala, prices have gone up 22% since last year from $459,000 to $562,500 and experienced a 26% increase from March to March. Condo prices in South Kohala were up 36% from last year with a current median price of $480,000.
It has been a hot July, hottest temperatures since 1983. Kona residents were finding relief at the local beaches or hiding out in air conditioned offices and homes. The Kona real estate market did not resemble the temperature, with residential median sales prices decreasing for a second consecutive month.
In July 2015 the the median sold price in Kona decreased from June 2015 in all market segments. Residential median sales price was $485,000 down from $560,000 in June. Condominium sales was $254,000 down from $272,250 in June. Land sales followed with median price at $580,000, a decrease from $743,674.