The 2017 West Hawaii real estate market saw a solid increase in the median price of a single family home to over $550k by June, which, compared to historical housing prices over the past decade in the region, came within over 90% of the median price record of $575,000 reached in 2007. Median condo prices stayed under $310,000 in 2017, but the West Hawaii housing market was definitley cooking last year. Take a look at the LUVA Real Estate Market Report.
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.
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.