Buyers Snap Up Single Family Home Sales in Kona and South Kohala
The West Hawaii housing market saw a banner month in January with increased sales activity this January compared to last year.
Single family home sales increased 35% year over year in North Kona and 150% in South Kohala, according to sales statistics from Hawaii Information Service for January 2020. Homes sales in North Kona rose from 34 homes sold in 2019 to 46 in 2020 and in South Kohala from 12 to 30. Condominium sales fell 12% in Kona year over year and rose 8.3% in South Kohala. Islandwide, residential homes sales rose 44.5% from 148 in 2019 to 214 in 2020.
The median price of single family homes rose in both areas as demand for homes in West Hawaii increased dramatically from the fall and into the new year. The median price of a home in North Kona rose 22.23% year over year from $609,500 to $745,000 and in South Kohala, prices rose from $545,000 to $702,500, a 31% increase from January 2019 to January 2020. The median price of condos in North Kona rose 20% year over year from $325,000 to $390,500 and in South Kohala prices rose 31% from $482,000 to $632,500. Sales Volume
For sales volume for January in North Kona, single family homes rose 74% year over year and in South Kohala, the sales volume rose by 567%.
What Are They Saying?
Industry leaders are sharing that the mortgage rates holding at historic lows are driving the national real estate market. Mortgage rates have fallen a full percentage point since October 2018 to around 3.7 percent.
WHAR Realtors we spoke to shared that there are occurences of multiple offers in the local market, homes that have been sitting on the market for over 200 days are getting new interest and offers and there continues to be pent up buyer demand. Homes in the $600k-$750k range are seeing alot of interest and buyers looking for deals are often disappointed as buyer demand makes deals less and less common.