A recent article in Pacific Business News may have caught your eye if you have been thinking of buying property on the Big Island; Big Island home sales rise sharply. The statistics for the article were provided by Hawaii Information Service. In January two thirds more homes sold than the same month last year. For the Kona real estate market the stats are even more incredible. Home sales are up 243%k, condos are up 82% and land sales are up an astonishing 600%!
Prices on the Big Island are a mixed plate. Home prices fell 8% while condo prices rose 23% and land prices rose 28%. In Kona prices for homes and condos are stabilizing with homes down only 4% from last year and condos are down a modest 2%. Vacant land prices fell a whopping 90% which explains that 600% increase in sales.
Twenty of the 24 homes sold in Kailua-Kona went for less than $500,000. Sixteen of 20 condos traded for less than $300,000. It is hard to find bargains in these prices ranges and I am seeing new listings come on the market at higher prices. In land sales five lots sold, three were less than $500,000 while two were luxury oceanfront parcels at Kukio asking $2.7 million – both selling for less than $900,000 to two very happy luxury land buyers!
I can’t wait to see the stats for February. If other agents are as busy as I am then the numbers will continue to skyrocket.