The real estate market is a tricky beast, especially in the economy we live in today. You never know what sort of stats you will see on a month-to-month basis. Not much good news has come out of Hawaii from a real estate perspective lately. However, in a surprise report, it seems that condo prices on the Kona side of the Big Island have surged over the last month.
Sales in the condominium market on the Big Island (Hawaii) surged 20 percent to 54 percent last month, up from 45 percent in the same month last year, and the median price rose 21 percent to $251,000 from $207,000.
Condo surge activity was reported on the west side of the Big Island in and around the resort area.
According to a report by Andrew Gomes, in North Kona, the gain was on the price side, with a median of $241,000 on 26 sales last month compared with $160,000 on 27 sales a year earlier. In South Kohala, the gain was on the volume side, with 24 sales for a median $324,750 last month compared with 15 sales for a median $355,000 a year earlier.
Single-family home sales on Hawaii Island rose 10 percent to 141 in August from 128 a year earlier. The median price was down 7 percent to $250,000 from $270,000.
The resort area of the Big Island seems to be experiencing a sort of rejuvenation in condo prices. This may be due to the fact that 30-year mortgage rates are at an all time low, combined with the fact that prices for condos are a still a bit cheaper on the Big Island as opposed to the rest of the state.
Stats Courtesy of Hawaii Information Service