MARKET WATCH: BIG ISLAND REAL ESTATE AUGUST 2016
Year-to-date: Compares Jan 1, 2015, thru July 31,2015 with Jan 1, 2016, thru July 31, 2015
Hawaii has a unique real estate climate that homebuyers need to be aware of. If you’re thinking of buying or selling a home on the Big Island, you’ll want to have your finger on the pulse of current conditions at all times. Sometimes, buying or selling in one season over another could vastly impact your price. Luckily, we’re here to help. Every month we provide an overview of what’s happening in the market to help keep you in the know. Here’s what’s news in August based on our most recent reports.
Sales of single family homes are increasing
Whether it’s retired professionals or millennial families, more people seem to be moving to the Big Island. Thus, sales of single-family homes are on the rise. There was a total of 1,358 YTD closed sales from January, 1 through the end of July in 2016 compared to 1,180 closed sales in the same time frame last year. A few neighborhoods are quickly gaining popularity with homebuyers including Puna and North Kohala. Family-friendly areas such as South and North Kona remain, for the most part, steady in their home sales.
Condominium sales are on the rise
For those looking for a little less space, condominiums are a great alternative. This year, condo sales have increased by 7.45% from January 1, 2016 through July 31, 2016 over the same time frame last year, while the median sales price has increased only 2.04%. Buyers can currently enjoy a market whose prices have been slow to catch up with current demand. But don’t wait too long, these conditions have made homeownership in Hawaii a great option for many, and the market won’t lag behind for much longer.
Median sales prices are down across the board
Whether you’re looking for a single-family home, a condo, or vacant land to build on, you’ll be spending less money if you buy now than you would have at the same time last year. If you take advantage of lower prices and purchase your dream home now, you’ll already have saved more than enough to check out some of our favorite Big Island bars. Just go ahead and add that to the “pros” column on your list.
If you think you might be interested in taking a look around some of the Big Island’s most popular neighborhoods, let us show you around! We’ll help you understand how the eight different climate zones on our island might impact your purchasing decision. The Big Island has a unique real estate market so it’s important you understand the key elements before making your final purchase. We’re here to help!