According to data from the Hawaii Information Service and the monthly Griggs Report, the North Kona residential market shows inventory is down substantially from a year ago. On the demand side, pending sales are up from last year. This limited supply and strong demand is now elevating the median price of both single-family homes and condos, but by less than 3% for both.
The median sales price of single family homes remained stable in the $635,000 price range for almost two years and is now $780,000, according to HIS statistics, although, more indicative is the year to date numbers which show the median price of a single family home is $650,000.
Year to date data shows that single family home sales in North Kona have increased 13% year to date from December 2018 to 2019, although sales have dropped year over year from 40 in 2018 to 35 in 2019. Condos also saw a year over year sales drop from 44 to 38, a drop of 13.64%, but rose 8.33% year to date from 432 to 468.
According to the Griggs Report, there has been a gain of 50 home sales in the $500K to $700k price range since last year. In the $900K to $1.5M range, is also showing an increase with 26 more sales than 2018.
The percentage of listings of REO or short sales on the market increased slightly for the first time in many months. The increase was seen in all market areas except North Kona.
For South Kohala, the median price of a single-family home year over year rose 7.5%, from $603,000 to $649,000, however year to date, prices rose only .5% from $596,000 to $599,000. Interesting to note, that year over year sales volume in South Kohala rose 129% for single family homes, but fell 41%, year over year for condos, but only 13% year to date.
Island wide median sales fell month over month in December 10% for single family homes and 8% for condos. Lack of inventory and buyers sitting on the fence waiting for homes may have contributed to the sales decrease and the same market forces are driving up prices for buyers unwilling to wait for more homes to come onto the market.
The Griggs Report is published semi-monthly by Michael B. Griggs, PB, GRI
Click here for December 2019 Statistics