While there are plenty of housing options in Big Island real estate, many individuals and families are opting for single family homes when searching for homes for sale. Before you start working with a Big Island real estate agent to find the home of your dreams and your piece of paradise, it’s critical to make sure you understand the latest trends surrounding this type of home. The following statistics from October 2015 will provide valuable insight that can help make the buying process easier.
An Increase in Home Sales
Overall, there have been more homes for sale on the Big Island, particularly on the west side of the island. In fact, three of the four major areas along this coast have seen an increase in sales between 2014 and 2015. South Kona has exhibited the greatest amount of growth of almost 49 percent, with South Kohala coming in next at nearly 21 percent and North Kona boasting a seven-and-a-half percent increase in sales. The only area to experience a decrease was North Kohala, which saw a decline of about 32 percent of home sales.
Let’s Talk Price
Another of the driving factors in Big Island real estate and whether sales numbers go up or down is the overall cost of ownership. Buying a home in Hawaii is often a major expense, but it is one many people save up for to allow them to retire in paradise. Your Big Island real estate agent will be able to assist you in finding a home that fits within your budget, while still meeting your needs. According to the latest statistics, homes on the west side of the island, the areas that saw an increase in the number of sales, also saw an increase in the cost of homes, ranging from nearly two percent in North Kona to more than eight percent in South Kohala. However, areas that saw a decline, including North Kohala, saw a reduction of nearly four percent, making homes in this area more appealing to buyers.
The numbers regarding homes for sale on the Big Island indicate rapid growth all along the western coast of the Big Island of Hawaii. Along with the increase in the number of single family home sales, there was also an overall increase in the cost of these homes. With the exception of North Kohala, the entire west side of the island has experienced an increase in new residents.
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