Is the market still on fire? Are buyers pulling out of the market?
You can watch Lance Owens, incoming President for the West Hawaii Association of Realtors, and Realtor with LUVA Real Estate who shares insights and the sales statistics for West Hawaii and the current real estate market on our latest video!
So, yes, the market is still hot, but would be hotter if there were more homes for sale. Inventory is still super low. Some buyers I have been in touch with are pulling out of the market and deciding to wait and see what happens. National real estate experts are saying that the market for the US will continue to be strong through the end of the year and into early next year.
North Kona Housing Stats
Sales statistics from the Hawaii Information Services:
The median price of a single family home in North Kona is $970,000, and year to date it is $934,000, a 24% increase year over year. The media price of a condo in North Kona, rose 7.82% year over year to $400,000 and year to date is $405,000.
On the video, Lance shares that of the 51 homes that sold in October 2021, 15 sold for cash, 2 using a 1031 Exchange, and 6 using VA loans. 31 of those homes sold in under 10 days and 7 had zero days on market. (we had a chat about that in the video, too)
For condos, 40 sold in October, 29 for cash, 3 using 1031 Exchanges, and 1 with a VA loan. 31 sold in under ten days, and nine sold with zero days on market.
Land sales have dropped 57% year over year, and median price for land, $585,000, has jumped 67% year over year.
If you would like to have a copy of the sales stats considering joining our 365Ohana and be part of the private Facebook group that we publish those to each month! You can also request a Zoom call with us and we can share information with you and help you on your path to homeownership in Hawaii if that is a good fit for you.