MARKET WATCH: BIG ISLAND REAL ESTATE Q4 2016
Year-to-date: Compares Jan 1, 2015, thru October 31, 2015, with Jan 1, 2016, thru October 31, 2016
The weather may be cooling down (as much as it ever does here in Hawaii), but the real estate market on the Big Island is not. While you might expect to see a dip in home sales in the fall, that certainly hasn’t been the case this year. If you’re considering purchasing a home on the Big Island, here is what you need to know about current market conditions.
Sales of single-family homes continues to increase
Families come to Hawaii to experience the ultimate vacation and then decide to make the Big Island their permanent home. As of October of this year, some neighborhoods have seen over a 30% increase in sales than were made in the same time frame last year. Notably, North Kohala, South Hilo, and Puna have all seen a significant jump in the number of single-family home sales.
Prices in this areas are also climbing in response to heightened demand. However, Hawaii was slower to recover from the effects of the 2008 recession which means that you can still find a beautiful property for relatively cheap. If you really want to dig into your potential cost savings, be sure to read this post on why more people are taking the leap and moving to the Big Island.
You can still find a great deal on condos
As more people move to the Big Island, the sale of condominiums has been slower to increase that the sales of single family homes. Lucky for buyers, that means that the price of these properties has also remained relatively stable over the course of the last year. While the more popular neighborhoods such as South Kona have seen a more significant increase in price, there are still great deals to be found in neighborhoods such as North Kona where prices actually decreased. For retirees who might be looking to downsize, condos provide a cost effective alternative. If you’re considering retiring on the Big Island, be sure to check out our post with tips to help you make the transition.
Median sales in Q4 are up and prices are down
Trends we noticed earlier in the year have continued throughout the remainder of 2016. Median sales across the Big Island have continued to increase across the board while prices have remained more or less even with average prices of 2015. This means buying now will result in a great deal. If you’re ready to buy property on the Big Island, now is certainly the time to start looking.
If you’re interested in learning more about the best neighborhoods on the Big Island, send us an email. We’re happy to share our expertise and help you evaluate your options. You can also give us a call at (808) 217-8500. We look forward to helping you find your dream home here in Hawaii!