The Big Island of Hawaii had a great month in real estate sales for July with an overall price increase of 11.54% for the island. The median price for a home on the island was $290,000 up from $260,000 in July 2012. The median price for a condo was $254,000 a significant increase of 17% year over year.
West Hawaii showed double-digit gains as a region. In South Kohala, the price of a single family home increased by 19.12% with a median price of $380,000, a $61,000 gain over last July. In North Kona, the price of a single family home was $437,500, a 15.74% increase and for South Kona, who had the biggest gain year over year, the median price hit $585,000 a 32.95% increase as reported by the Hawaii Information Service monthly sales statistics.
Lance Owens, a Realtor with LUVA Real Estate, noted that home sales were down 18%, largely due to lack of inventory, a common issue around the state and country this summer. “In North Kona, 36 homes changed hands while in July 2012, there were 44 sales. However, the amount of money changing hands during that 18% downfall, surprisingly, was up by 40%, largely due to the same reason: lack of inventory with higher asking prices and multiple offers”, Mr. Owens stated.
LUVA Real Estate specializes in homes in West Hawaii from North Kohala to South Kona.
If you would like to request more information about our localhousing market, please call me at LUVA Real Estate at 808-75111
.
Comments(2)