Business

Housing Prices Moving Up On The Big Island

January 7, 2014, 12:19 PM HST
* Updated January 7, 6:49 PM
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The Kona, Hamakua, Puna and South Hilo districts led the Big Island’s growth in residential real estate market in 2013.

Big Island home prices rose more than 13% to $295,000 in 2013, Pacific Business News reported this week, citing figures provided by Hawaii Information Service. At the same time the number of home sales grew 16.5% to 1,880 in 2013.

Kona is leading the surge in the residential housing market. The median price for a single-family home in North Kona rose 11.7% to $445,000, highest on the island, yet single-family home sales also increased 13.2% to 487. In South Kona the median price rose about 10% to $358,000, while single-family home sales jumped 29% from 65 to 85.

The median home price in Puna jumped 11.41% to $166,000 in 2013 on top of an 18.5% increase in home sales to 589, the highest volume on the island.

South Hilo and Hamakua also saw home prices and sales growing strongly in tandem. The median price of a single-family home in South Hilo jumped 16.9% to $290,000, while sales increased 28% to 252. Hamakua home prices increased 22% percent to $319,000, while sales increased 16%.

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Homes in Ka`u gained the most in the median price of a single-family home — 31% to $140,000 — but home sales were flat, declining by less than one percent.

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Meanwhile the median sales price in North Kohala fell 3.4% in 2013 to $439,000 while sales increased 34% to a total of 66 homes sold. Neighoring South Kohala’s median home sales price jumped 21% to $412,500, while also enjoying a 6.4% increase in single-family home sales to 216.

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