According to Hawaii Information Services, North Kona has had an uptick in the number of sales of single family homes year over year from 40 in 2018 to 44 in 2019. The median price of single family homes has decreased year over year from $719,500 to $627,500, but year to date in 2019 the median price rose .85% from $643,525 in November 2018 to $649,000 in November 2019.
For condominiums in North Kona, the median price jumped 36% year over year from $283,500 in 2018 to $386,250, but year to date (which takes is a more accurate indicator) the median price rose 6.7% year over year to $346,250 vs $324, 500 in 2018. 32 condos changed hands in November 2018 vs 28 in 2019, a 12% decrease in the number of sales year over year. There's been a 7% increase in year to date sales volume, which shows a healthy, but not hot, demand for condos.
In South Kohala, single family home prices declined 2.37% from $645,295 in 2018 to $630,000 in 2019, but year to date prices rose .17%. The number of sales of single family homes were on par with 2018 vs 2019 with 18 homes sold in 2018 vs 20 in 2019. Condominium sales were exactly the same with 17 sold for each year.
Overall Market Trends
Sellers are starting to put their homes on the market now to capture early bird buyers, Last year we saw a dip in prices as sellers placed more inventory onto the market after the first of the year. Mortgage rates continue to be historically low and job reports across the US show a record ten year climb.
Click below for full November statistics report