Home prices on Big Island jump 25%, condo prices up 32% http://t.co/q7GI725dNn
— Pacific Biz News (@pacificbiznews) February 6, 2014
According to this Pacific Business News article, which compared January 2014 to January 2013 MLS data, the median price for residential properties on the Big Island jumped 32% from $265,000 in January 2013 to $334,000 for January 2014. Condo median price went from $195,000 in 2013 to $257,550.
In a recent post on the Kona Real Estate Blog, I took a look at MLS data for the same period, but narrowed it down to include only Central Kailua Kona (Tax Map Key Zones 3-7-5 to 8, my area of specialization), to see how the data compared to that of the entire Big Island.
Overall, in terms of transactions, the numbers stayed mostly flat for this area (+2 for both condos and land, -1 for residential) which was also reflected in the numbers island-wide.
In Central Kona, the median price of residential properties sold in the first month 2014 was $521,264 compared to $380,000 in 2013. This is likely due to restrained inventory levels in the under $400K price range compared to stronger availability and demand for higher priced properties. Land and condo median sold prices also showed strong increases. The median sold price in Central Kailua Kona in January 2014 for condos was $280,000 and land was $237,500, compared to $194,500 and $169,500 respectively for 2013.