The following real estate market overview is compiled from MLS data for Big Island real estate transactions that closed escrow during Q1 2017.
The total number of residential transactions closed on the Big Island of Hawaii in Q1 2017 decreased slightly in seven of the nine districts from Q1 2016. The two exceptions, North Kona and South Kona, had modest increases. In total, 545 Big Island homes sold in Q1 2017. That’s seven fewer than Q1 2016.
Puna, outpacing all other districts by a significant margin, saw 200 transactions closed in Q1. North Hilo had the fewest with five homes sold.
At $600,000, North Kona had the highest residential median sale price for Q1, off from the Q1 2016 number of $635,000. South Kohala was next at $587,000, up from $462,500 in 2016. The Ka’u District came in with the lowest median sale price at $198,586, an increase of $28,086 from 2016. Next was the Puna District at $212,500, up $32,500.
When it comes to sales of vacant land parcels, the story really is about the Puna District. In Q1 2017, a total of 299 properties closed escrow in Puna. Compare that with the combined total for the other eight Big Island districts. Land sales for the rest of the island barely made it over the 100 mark, with a total of 114 land sales outside Puna.
Overall, there were 72 more vacant land parcels closing escrow on the Big Island than in Q1 2016, with very slight increases all districts except North Hilo.
It’s impressive to note that in 2016 there were 1,033 residential land parcels (fee simple, up to five acres) sold in the Puna District—that’s almost three per day!
With only two properties sold, North Hilo had the highest median sale price of $395,000 by district with North Kona close behind at $390,250 (20 sold). South Hilo, South Kohala, South Kona and Ka’u all saw decreases in median price for land parcels, Ka’u dropping by $3,000 to $10,000. Puna shows a very slight increase in median price of $500, finishing Q1 at a median price of $18,000.
Most Hawaii Island condos are located in North Kona and South Kohala, so it comes as no surprise that the district with the most condos sold was in North Kona (114) followed by South Kohala (67). Both districts also saw increases in median price over Q1 2016, with North Kona at $306,000 and South Kohala at $510,000.
There were just 10 other condos sold in Q1 in other parts of the island, nine in Hilo (median price $159,000) and one in Naalehu (priced at $112,000).