The real estate market in West Hawaii for well priced single family homes is hot. Twenty five homes in North Kona from June 1-30, 2020 spent less than 16 days on the market, while another 9 were on the market for less than 30 days. Even with the pandemic, the demand for homes is being fueled by record low interest rates and a continued pent up demand for homes.
However, the condo market has shown evidence of slowing. Available condos for sale are up while pending sales are down within the past two weeks. According to real time real estate data firm, Altos Research, we have a sellers market for single family homes in Kona and we have crossed into a buyers market for condos.
Data from the Hawaii Information Service, states that the number of sales year over year for single family homes in North Kona was 54 in June 2019 and 44 in June 2020, a drop of 18.5%. Year to date, single family home sales have dropped 16.67% compared to last year, while condos have dropped 35.89% from 248 sales in June 2019 to only 159 last month. However, prices have risen 4.38% year over year for single family homes in North Kona and 16% year to date. The median price for condos was up 4.82% year over year in June and dropped 4.17% year to date.
In South Kohala, sales for single family homes are down 31% year over year with prices rising 43% from $522,500 in June 2019 to $750,000 last month. Year to date, prices in South Kohala have risen only 4.44%, so the spike in home prices in June could be skewed by only 11 homes being purchased by high end home buyers. With only 11 condos sold in June, the median price spiked up 54.62% from $465,000 to $719,000 year over year.
Interesting to note, the sales volume for single family homes rose 39% year over year, while condo sales volume dropped 37% year over year.