BIG ISLAND REAL ESTATE IN REVIEW MARCH APRIL 2020
Big Island Real Estate in Review Market Update for April 2020
As we look back on April for Big Island real estate we can get a better sense of where the markets going and whether it’s a good time to buy or sell. Here’s a good snapshot for both buyers and sellers of the Big Island real estate market as of April 2020.
The median sale price for a single-family home is at $365,000, up from $355,000 last year at this time.
Condominium sales have dropped from $419,000 to $335,000.
Closed sales have dropped as well, which is to be expected during this time, however, we’re still at 176 closed sales for April, down from 215 last year.
Overall volume has also dropped, which is also to be expected, but buyers and sellers are still exchanging property throughout the island.
So where are people buying?
North Kona – Increased 17.43% over last year for single-family homes but decreased 5% for condos.
North Kohala – Decreased 17.89% for single-family homes.
South Kohala – Decreased by nearly 6% for single-family homes yet increased by nearly 22% for condos.
South Kona – Increased about 1% for single-family homes and over 60% for condos!
So what does this mean for buyers and sellers?
What about March?
Surprisingly, the Big Island real estate market is fairly stable. According to the MLS, 30% more Big Island single-family homes were sold in March than in February despite the entire state is under lockdown. Most real estate agents say they are still fairly busy even though the activity has slowed slightly. The average sale price out of the 235 homes sold in March was about $555,000, a decrease of only $50,000 from the previous month and from the March of the previous year.
But still, many sellers are holding onto their properties rather than try to sell them early, which could lead to more price dropping. But for buyers, they still remain somewhat interested across the Big Island from residents to mainlanders both seeking homes to buy and vacant land around the island. We’re seeing a good mix of first-time homebuyers, retirees, and investors particularly going up. The validity of the stock market is allowing people to look at real estate as a source of investment.
Regardless, now is a great time to buy or sell. Rates are still low so buyers are getting out there and if you are on the fence about listing now versus later, just know that when the lockdown lists, there will be an increase in listings and without a lot of competition right now, and sellers are in a better position.
Contact me today to find out what your Big Island home is worth or if you’re planning on purchasing a property, let me know exactly what you’re looking for and I would love to show you around the island and help you find your perfect piece of paradise.