Big Island Home Prices and Sales See Big Gains
Real estate numbers on the Big Island are increasing in terms of the median sales price and the number of homes and condominiums sold.
Last month the median sales price of a single-family home on the Big Island was $299,999, according to data just released from the Hawaii Information Service.
That’s up 24% compared to the median price of $242,000 in October 2011.
The number of houses sold last month also saw a double digit increase over last year. In October there were 155 single-family homes sold across the Big Island, up 20% from the 129 sold the same month last year.
Increased sales volume leads to reduced inventory of homes, which in turn drives up prices.
“Tighter inventory in some segments of the market is expected to continue to put upward pressure on prices, especially in North Kona,” says Cynthia Hoskins, marketing coordinator for Clark Realty Corporation.
“However, even in areas like Volcano, we’re seeing increased interest in the higher price ranges,” she adds.
“In Volcano, five homes priced above $300,000 have sold this year, including the first sale above $500,000 since late 2008.”
When it comes to condominiums on the Big Island, volume sales were up dramatically, while median prices remained flat.
Last month condo sales were a whopping 67% higher than the same month a year ago with 45 units sold compared to 27 sold in October 2011.
However, the median price of condominiums was flat at $215,000 when looking at year over year differences.