In this video, we discuss the numbers from November and chat about what is happening in the market right now in North Kona.
Number of sales: 53 homes available right now, with only 14 under a million. 23 condos are available, with only 15 being sold fee simple. Inventory is not just low, it’s anemic.
Median price of a single family home in North Kona is $840,000, with year to date hitting $925,000. Condos are $460,000, an 18% increase year over year, and year to date they are $409,500. Land has increased a whopping 406% year over year to 1.9 mil. (Now stats can be skewed on a big land purchase, but still,,land sales are hopping)
Homes Sold: Last month, November 2021, 45 homes sold – 11 were sold in cash deals, and 33 used conventional financing, signaling that not ALL homes are being scooped up by cash investors. 37 condos sold with 17 sold for cash, and 15 financed and 5 using 1031 exchanges.
Advice: If you are considering purchasing a home, patience is needed as the home of your dreams may not be on the market nor be coming on the market for awhile. However, we are coming into the holiday season where traditionally sellers put their homes on the market to take advantage of folks coming for the holidays who are looking for homes. As always, if you are not coming in with cash, get pre-approved in advance, get into the strongest financial position you can be in and be prepared to jump when you see something you like.
Get Help-If you would like to learn more about the current real estate market, please contact Eric Ziemelis, Realtor/LUVA Real Estate who also works with Lance Owens, LUVA Real Estate who helps us in these videos! Eric@Ziemelis.com You can get more information about buying homes and what the pros and cons to island life are by reading through the various blog posts I have written on this site. Please click Join Ohana if you want to be in on our monthly live updates with questions.
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