In last year’s third-quarter market report, we were celebrating the end of the 2018 Kilauea lava flow and the return of clear blue skies across the Big Island. Now, just over one year post-eruption, as the Puna community is awaiting the reopening of Hwy 132 and other recovery efforts continue, these are some of the stories in the headlines in our local news: Big Island’s coffee belt sees record rainfall in August (partly attributed to the disappearance of vog); Narrowing down names for Fissure 8; Puna Kai to open by Thanksgiving; and, Volcano Watch: What does the water in Halemau’uma’u mean?
We’re continuing to witness the ever-changing natural wonder of the Big Island, to see growth and new development around the island, and to welcome visitors from around the world who come to explore, including a recent visit by Royal Caribbean’s Ovation of the Seas, the largest cruise ship ever to make port call in Kona.
It’s no surprise, then, that the Big Island real estate market is continuing to see growth in most areas. Year-over-year, the residential median sale price is up 6.25% and more homes have sold this year than at the same time last year. The same trends hold for the condo market, and the median price for land sales is also up, although the number of parcels sold in 2019 has declined slightly compared to the same time period last year.
Here’s a closer look at the data for Q3 2019 for the residential market:
In Q3, the residential median sold price outperformed the same quarter of last year across all nine Big Island districts. Only North Kona and Ka’u showed any measurable decrease in total transactions compare to Q3 2018 (-18 and -20 respectively) with the other seven districts showing no change or increases.
Year-to-date data by district:
With buyer demand remaining high and inventory still considered tight, it’s possible that our typical fall/winter market lull won’t be as noticeable this year. If we can be of assistance with your Big Island home search or sale, please contact us at firstname.lastname@example.org or 808-930-5257.