Housing Prices Moving Up On The Big Island
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%.
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.
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.