Residential sales prices in North Kona jumped 23% year over year from February 2020 to February 2021 from $770,000 to $950,000 for single family homes. Condos rose 23.69% from $325,000 in 2020 to $402,000 in 2021. Land sales rose a whopping 98% from $252,000 to $500,000.
In terms of sales, single family home sales were up 62.79% year over year from 43 to 70 sales in February and for condos, 37 condos changed hands in 2020 and in 2021, that number jumped 37% when 51 condos sold. Vacant land sales almost doubled to 83.33% with 12 parcels of land selling in 2020 and 22 in 2021.
In South Kohala, residential sales dropped 28% with 25 homes sold in 2020 and 18 in 2021. Condo sales, however, rose 54% with 24 units sold in 2020 and and 37 units sold last month. Home prices rose 26% from $565,000 to $714,000 year over year and condos jumped 71% from $407,500 to $697,000.
Homes that are coming onto the market are going contingent within a few days as demand outstrips supply at a pace not seen on Hawaii Island before. The demand for housing is being fueled by continued low interest rates, but also by the number of buyers coming from the mainland who can work from home and people who sold their homes on the mainland and have cash to purchase homes on the island.
Here is the video Lance Owens, LUVA Real Estate and I created to discuss the stats and the market trends going on right now.