Making the decision to live on the Big Island requires careful planning and research to determine which areas you can afford and where you will get the best deal. Every month, the latest Big Island real estate statistics are released, comparing the current month to the same month of the previous year. This information can help you decide whether it’s a good time to buy, as well as focus on which areas will best meet your budget and help you get the right home for the right price.
On the west side of the Big Island, you will find a number of cities from which to choose, including North Kona, North Kohala, South Kona and South Kohala. Each of these areas has experienced their own trend when it comes to closed sales. While the areas South Kohala, North Kona and South Kona have seen a small decline in closed sales between six and 12 percent, North Kohala has seen rapid growth, with more than a 233 percent increase in closings over last year.
Median Sales Prices Are Rising
Potential homebuyers need to pay attention to the trend in home sales prices. As you look at homes for sale on the Big Island, HI, you will see the west side of the island is currently experiencing increases in sales prices overall. North Kohala homes have risen almost 25 percent over this same time last year. South Kohala has seen the smallest increase at only three percent. North Kona home prices are up almost 10 percent, while the South Kona residences are up the most at 32 percent. This is great news for those who are interested in selling, but it also means buyers should pay close attention and buy sooner, rather than later.
Single Family Homes Are a Major Market
Although there are plenty of living options on the Big Island, single family homes dominate the Big Island real estate market. These homes account for more than $80 million dollars in real estate sales throughout the island, which is an increase over last year and more than four times more than any other type of residential property sold.
Understanding the trends in Big Island real estate is essential in helping you make the right choices when it comes to purchasing a home. If you want to live on the Big Island, it can be useful to identify whether prices are rising and how many homes are currently changing hands versus the previous year. When timed correctly, you can find the best homes for sale on the Big Island, HI, and get a great deal. If you’re interested in buying a beautiful Big Island home, contact me today!
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