HOME PRICES CONTINUE UPWARD AS LOW INVENTORY PERSISTS
As historic interest rates continue to drive demand in West Hawaii, buyers are snapping up homes creating a marked lack of inventory and days on the market is dropping quickly.
According to statistics from the Hawaii Information Service in September, the median price for single family homes increased by 13.48% year over year in North Kona from $688,000 to $780,750. Condo median sales prices have increased 16.50% from $339,000 in 2019 to $394,950, a 16.50% increase.
For number of sales, 7 more single family homes sold in North Kona in September 2020 compared to September 2019, a 15.56% increase from 45 sales to 52. For condos, sales jumped 20% from 35 sales in 2019 to 42 in 2020.
South Kohala residential sales price jumped 24.90% year over year while prices of condos declined by 3.2%. The number of sales for both single family homes and condos dropped year over year by 6.67% for SFR and 9.09% for condos.
In South Kohala, the number of sales of residential homes jumped 106.67% from 15 in 2019 to 31 in 2020. For condos the sales numbers dropped 10.53%.
Looking at third quarter statistics from July to September, North Kona prices have increased by 10.92% and condos rose 20% year over year while number of sales have increased 10.49% and condos have decreased 6.19% .
According to the Griggs Report: Inventory is at the lowest level for this date in 23 years. Prices ranges up to $1.5M are in the peak demand category while only 20 homes are now listed below $700,000. The island wide pending ratio is approaching the peak demand level. Condo statistics are showing the effects of lack of tourist traffic and pending sales are strong and probably would be higher if it weren’t for the lack of inventory.
Having an experienced Realtor in a heated housing market where multiple offers may be happening is very important. I know many of the local agents which is helpful when presenting offers. Give me a call and we can discuss strategy of helping you buy and sell in this market.