MARKET WATCH: BIG ISLAND REAL ESTATE UPDATE JUNE
YEAR TO DATE: Compares Jan 1, 2015 thru June 30, 2015 with Jan 1, 2016 thru June 30, 2016
Summer months seem to have people out and about and buying homes on the Big Island. It could be due to factors like decreasing mortgage rates and low property taxes, or maybe people found out about our world-class local brewery. Whatever the reason, the prices of single-family homes in some of the more popular neighborhoods on the Big Island took a jump in June. If you (like so many others) are interested in buying Big Island real estate in the near future, make sure you check out these trends to help you determine where and when is the right time to make a purchase. June’s stats show us that:
Median sales prices of single family homes are increasing:
The economy is steadily recovering from the Great Recession and the housing market is responding accordingly. South Kona, Puna, North Kohala, Hamakua, and North Hilo saw a jump in the price of a single-family homes in June compared to the same time last year while sales held steady overall. Families who are considering buying a home right now should weigh their timing against what seems to be a restored faith in the housing market. Prices are increasing slowly but surely which means it’s more important than ever to be proactive about finding your dream home.
Median sales of condominiums are decreasing
If you’re interested in buying a condominium unit on the Big Island, we’ve got great news. Pricing on condominiums has decreased overall. Only one area (North Kona) saw even a slight increase between sales prices in June of 2016 and the same month last year. Condominium shoppers should get the ball rolling and start looking to buy while the market is tipped in their favor.
Total Sales of Both Single Family Homes and Condominiums has Increased
Last month saw 1,147 single family homes sold in 2016 compared to only 990 in 2015. That’s a 15.86% increase over the course of a single year. Condominiums had a slightly lower increase but did see approximately 4.5% growth since June 2015. It’s evident that people are responding to favorable market conditions and investing in their dream homes. If you’ve been on the fence about whether or not now is the time to take the plunge and make a big purchase, be comforted that you’re in good company as the numbers show others are increasingly doing the same.
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 tell you why South Kona has the best sunrises and why the rain-phobic might want to steer clear of Hilo and seek out the sunnier side of the Island. Send me an email and I would be happy to answer any questions you have about real estate trends and how and when to buy your dream home. The Big Island has a unique real estate market so it’s important you understand the key elements before making your final decision. We’re here to help!