Big Island Real Estate Prices Near Record High

July 6, 2016, 1:44 PM HST (Updated July 6, 2016, 1:48 PM)
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This Kapho oceanfront home helped lead the charge for prices in the Puna District, selling for $899,000. Image courtesy Sophia Yunis, RB, Pacific Ocean Realty LLC.

This Kapoho oceanfront home helped lead the charge for prices in the Puna district, selling for $899,000. Image courtesy Sophia Yunis, RB, Pacific Ocean Realty LLC.

Ten years after many Big Island neighborhoods shattered all-time price records, median prices in several Hawai‘i County markets are steadily recovering toward pre-recession levels, while one market in particular saw explosive sales growth.

According to quarterly trend data just released by Hussey Appraisal Group Hawaii Inc., median prices for single-family homes in the South Kohala district hit $525,000 in the second quarter of 2016.

That means houses there are now (in aggregate) within over 90% of their median price record of $575,000 reached a decade prior.

South Kohala quarterly trend chart.

South Kohala quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

That trend was mirrored in the South Hilo District, where median quarterly prices hit $340,000 (over 90% of their 2006 high of $375,000).

South Hilo chart quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

South Hilo quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

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Besides enjoying significant price appreciation, the South Hilo district also saw the highest number of home sales in over 10 years, with 90 houses sold in the second quarter of 2016.

That level of activity hasn’t been seen since the fourth quarter of 2005, when over 100 homes sold.

Meanwhile, the Puna district, long considered one of the hardest-hit areas in the state following the recession, saw significant sales growth, hitting a 12-plus-year high of 221 home sales in the second quarter of this year, the largest number of home sales in a single quarter since 2004.

Puna quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

Puna quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

Puna prices also saw a steady recovery, with median sales of single family homes hitting $200,000, over 70% of their previous high of $270,000 a decade earlier.

North Kona prices leveled off somewhat from April to June, but have also recovered over 70% of their 2006 highs, with median single-family home prices hitting $581,000 in the second quarter of 2016, compared to $650,000 roughly 10 years prior.

North Kona quarterly trend chart.

North Kona quarterly trend chart. Hussey Appraisal Group Hawaii Inc. graphic.

Ka‘u saw rapid price appreciation (over 20% quarter-over-quarter) in one of our nation’s largest subdivisions, Hawaiian Ocean View Estates, but the district as a whole still lags behind its 1st quarter 2006 median price record of $295,000, with the latest figures coming in at $182,500.  That’s just over 60% of levels seen a decade earlier.

Editor’s Note:

District reports include (but are not limited to) the following areas:

South Kohala: Kamuela (dry side), Waikoloa, Hapuna, Puako, Mauna Lani

South Hilo: Downtown Hilo, Waiakea, Kaumana, Papaikou, Pepe‘ekeo

Puna: Kea‘au, Hawaiian Paradise Park, Ainaloa, Orchidland, Pāhoa, Kapoho, Mountain View, Volcano

North Kona: Hualalai, Kealakehe, Kailua-Kona, Keahou, Kealakekua

Ka‘u: Pahala, Na‘alehu, Punalu‘u, Hawaiian Ocean View Estates

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