Winter is a time when many people, especially those who may be retired, start thinking about spending time in a warmer climate. If you’ve always wanted to live on the Big Island, the winter months can often be one of the best times to do it. Before you start talking to a real estate agent on the Big Island, check out these real estate trends to determine if it’s a good time for you to be thinking about making this major move.
Overall Sales Are Down
One of the most attractive areas of Big Island real estate is single family homes. These homes provide individuals in all situations with the opportunity to enjoy a lifestyle similar to what they are used to back on the mainland, whether they still have a family at home or they are in their retirement years. In general terms, the sales of these single family homes are down in most of the areas on the west side of the island. However, the numbers show only slight differences between December of 2014 and the same time in 2015. North Kona and South Kona experienced the greatest reduction in sales, while North Kohala saw reduced sales of just one and South Kohala is the only local area that experienced a growth in sales between 2014 and 2015.
Median Prices Have Dramatically Changed
It can easily be argued the overall reduction in sales of Big Island real estate on the west coast is due to the dramatic changes in the price of a single family home. While some areas experienced smaller fluctuations, there were also areas that saw massive changes in the median selling price of homes. For instance, homes in North Kohala were selling for a median price of $399,000 in December 2014, but in 2015, the median price had increased to $742,500. Both South Kohala and South Kona also experienced increases, though smaller. North Kona is the only area on the west side that experienced a decrease in the median price of homes, from $552,000 to $540,000.
If you want to live on the Big Island, it’s important to look into the current market to determine where you should buy and to discover what you can expect when you work with a Big Island real estate agent. Understanding the latest trends in the market will help guide you through the process of buying your new home and making this major move to Hawaii. With the right guidance, you will find the Big Island real estate that makes the perfect piece of paradise, whether you want to make the move earlier in your life or it’s your retirement destination.
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