Business

Big Island Sees Big Rise in Home Prices

October 8, 2012, 2:57 PM HST
* Updated October 8, 5:29 PM
Listen to this Article
1 minute
Loading Audio...
A
A
A

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.

ARTICLE CONTINUES BELOW AD

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.

ARTICLE CONTINUES BELOW AD

“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.

Comments

This comments section is a public community forum for the purpose of free expression. Although Big Island Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments

Newsletters

Get a quick summary of what’s happening on the Big Island with our daily & weekly email of news highlights.