October 23, 2017||Mortgages/Economy/Market

Q3 2017 Big Island Real Estate Market Report

The following Big Island real estate market overview is compiled from MLS data for transactions that closed escrow during July, August and September 2017. 

Big Island Residential Sales—Q3 2017

Typically, Q3 is one of the slower quarters on the Big Island; however, sales were still quite respectable this year with modest increases in the number of sales year-over-year in all districts except North and South Kohala. The largest increases were in Kau (+14), and North Kona (+13).

The median sale price increased over Q3 2016 in four of the nine districts with the greatest increases in Puna (+$33,000) and North Kona ($26,500). It should be noted that large Q3 2016 sales ($1.98M to $10.5M) in North Hilo, Hamakua, and South Kohala artificially inflated median prices in those districts last year.

Big Island real estate market update: District Map with Median Prices Q3 2017

See all Big Island homes sold within the last 90 days:  North KonaSouth KonaNorth KohalaSouth KohalaHamakuaNorth HiloSouth HiloPunaKa’u

Big Island Real Estate Sales Year-to-Date

Looking at the number of sales for January through September 2017 provides a larger sample and reflects a more accurate picture of Big Island home sales for 2017.

For January to September, the overall number of transactions increased over the same period in 2016 by 107 total sales, with all districts except North Hilo and South Kohala seeing increases. The largest increases in year-to-date sales were in North Kona (+50) and Puna (+32). These districts also had the highest overall number of sales with Puna at 697 and North Kona at 402. South Hilo, South Kohala and Ka’u also saw triple-digit sales numbers and increases over 2016.

Big Island Median Sale Price Trends

Median year-to-date sales prices increased over the same period in 2016 across five of the nine island districts with the highest median price points in North Kohala ($700,000), North Kona ($671,000) and South Kohala ($544,500). The Ka’u District had the lowest median price of $209,500, up slightly from 2016. Puna at $233,000 is up $30,000 over 2016. North and South Hilo, and South Kona had very slight median price decreases from 2016.

Big Island Condominium Sales

The condo market on the Big Island primarily comprises three main areas—the population centers of Hilo (in the South Hilo district), Kona (North Kona district) and the Kohala Coast resort areas (South Kohala district).

All three of these districts saw seasonal decreases in total condo sales from Q2 2017; however, year-to-date sales are up in all three over the same period in 2016 (+105 total). Condo sales have remained strongest in North Kona (265) and the South Kohala (185), where both districts also saw median year-to-date sales price increases. Year-to-date median prices for sold fee simple condo units stand at $109,606 for South Hilo, $320,000 for North Kona and $489,000 for South Kohala. All three districts experienced median price decreases compared to Q2 2017.

Residential Land Parcels (>5 Acres)

Once again, Puna leads, by far, in the number of total land sales with a whopping 993 sales so far this year—up by 197 over the same period last year. Keep in mind that this number is already just 40 shy of the 1033 total parcels sold in this district in all of 2016. The median price for parcels sold in Puna inched up slightly and now stands at $19,000, slightly less than the median sale price for the first half of the year.

Elsewhere on the island, with two closings in Q3, North Hilo had the highest median price for land at $395,000 followed by North Kona at $290,000, Hamakua at $226,000 and North Kohala at $200,000. Ka’u saw a very slight decrease in median sales price to $10,500 but has a year-to-date total of 177 land sales—up 24 from 2016. Land sales overall on the Big Island have increased by 431 parcels so far this year to 2,094 land parcels sold. The uptick in land sales is likely driven by median price increases in existing homes.


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