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West Hawaii Real Estate Market Update for August 2017

By September 11, 2017Housing Market Update

North Kona continues to be one of the most desirable places to live on the Big Island according to statistical data released by the Hawaii Multiple Listing Service for both August home sales and year-to-date data.

For single family home sales, North Kona saw median home prices increase from $685,000 in August of 2016 to $715,000 in August of 2017. Year to date, the amount of closed sales in North Kona rose by 13% from 321 closed sales to 363. South Kohala experienced a slight dip in closed home sales year to date and North Kohala saw a slight increase. South Kona saw a 36% increase year over year in closed sales, and a slight increase in median sales prices from $500,000 last August to $525,000 this August.

Vacant land prices in South Kona dropped 42.6% year over year, but this could also be attributed to lack of inventory after an exceptionally busy year last year. North Kona saw land prices increase a moderate 3.17% year over year with land in both South and North Kohala dipping .99% and 11.11% respectively.

According to real time real estate data tracking company, Altos Research, inventory of homes for sale in Kailua Kona have been dropping steadily since the spring rush in January and February, with approximately 187 homes on the market now than compared to 300 in the early part of 2017.

Average days on the market have been rising, as well, as homes that have been sitting waiting for a buyer for over 187 days are influencing the overall market. These are the homes that may be the best opportunities to negotiate with the seller to get into the local housing market. LUVA Real Estate agents can create a list of the homes that have been sitting on the market the longest to see if there is a fit.

Overall, the West Hawaii market is staying strong and rising along with the overall trends in the national housing market.

 

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