Big Island Sees Big Rise in Home Prices

Hawaii Island home prices rose substantially in September with the price of single-family homes up a whopping 13%.

According to data released today from Hawaii Information Service, the median price of single-family homes on the Big Island rose in September to $255,000, compared to $225,000 in September 2011.

Big Island condominium sales jumped even higher—a whopping 35% compared to the same month last year. Last month the median price of a condo on the Big Isle was $289,000, up from $213,000 in September 2011.

While prices are up, the volume of sales is down for both single-family homes and condos. The number of single-family homes sold in September dropped 33% from 141 in September 2011 to 95 last month.

Condo sales were down 24% last month at 32 units sold compared to 42 units sold in the same month last year.

While the data says volume is down, anecdotal evidence shows an increase in business. Beverly Molfino, a real estate agent specializing in Hamakua coast luxury homes, has noticed a definite increase in business the last two months.

“At first I thought it was an anomaly, but it I’ve been getting increasingly busy week after week,” says the realtor. Molfino said she’s also noticed an increase in sales prices.