The temperature may finally be cooling down a bit in West Hawaii, but the housing market is as hot as a July day out on the lava field.
Number of Sales North Kona
According to statistics from the Hawaii Information Service, single family home sales have jumped 52% year over year from 46 homes sold in North Kona in 2019 to 70 in 2020. Condo sales have jumped 31% from 29 in North Kona in 2019 to 30 this year. However, year to date, the number of sales of condos has decreased 19% since last year, partly based on the pandemic and the uncertainty in the vacation rental market. Vacant land is up 260% from 5 sales last year to 18, this year, as people start to purchase open land to build homes of their own in the face of lack of available inventory.
Median Home Prices North Kona
Home prices rose 35% year over year from $627,500 to $850,000 and condos rose only .65% from $385,000 to $387,500. The lack of inventory under 700k is driving up the median sales price and I heard that on one house priced below $400k there were 13 offers on the home within a few days. (Looking at home sales stats, one home sold for 11.6 million, and three homes sold for about $4 million which can skew the median price upwards).
More people on the mainland are selling their homes and taking their profits and purchasing homes for cash in Kona. Almost all the land sales in North Kona were cash deals with condos following closely behind.
Other Island Real Estate Trends:
Puna – Median price of a home: $271,000
South Kona- Median price of a home: $774,000
South Hilo- Median price of a home-$400,000
We have REALTOR partners all over the island who can work with you in your price range to find you a home!
For a full market report of November stats and what December is most likely to look like, see our live video cast with one of my Realtor partners and I. Join our “Hawaii Island Buying Group” on Facebook to view it and get a chance to tune in live each month and ask questions! (You have to answer the questions to get into the group)