Overall, the real estate market on Hawai’i Island has been busy this August, with a total of 481 closed transactions. When compared to July, single family homes continue to increase in number of sales, days on market, and in median sales price, while condos saw the opposite. Year to date, single family home median prices have increased by 2.6%. For single family homes, North Kona and Hamakua have seen the steepest price increases year to date, increasing by 13.5% and 16% respectively.
Just like we saw in previous months, the condo market is recovering at a slower pace than single family homes and land sales. However, despite the steep decreases in number of sales and increase in number of days on the market, year to date the median sales price for condos has still increased by 3.15%. North Kona, South Kona, and South Kohala have seen the biggest price increases in the condo market this year.
Similar to neighboring islands, the previous months of limited inventory and historically low interest rates is creating steep competition for buyers. This presents an excellent opportunity for sellers, in particular sellers of single family homes.