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Hawaii Island Real Estate Market Update: October 2020


As we head into the fall season, the market continues to move at an incredibly fast pace, just like it did in August. When compared to August, single family homes continued to increase in number of sales but decreased slightly in days on the market and for median sales price. Condos saw a decrease in the number of sales, days on market, and in median sales price, however none of these decreases were drastic. Year to date, the median sales price for single family homes across the island has increased 3.9% and has increased 5.9% for condos.

Hamakua and North Kona remain to be the districts with the biggest increase in median sales price year to date for single family homes. North Kona single family homes have increased 14.6% year to date, and Hamakua has seen a 22.1% increase.

In the condo market, South Kona, and South Kohala districts have seen the greatest increase in median sales price year to date.

It has become apparent that many mainland buyers are not letting their inability to view properties in person to keep them from purchasing. Many buyers are opting to purchase property sight unseen, and this is making for steep competition for buyers. Similar to previous months, the single family home market is moving faster than the condo market and if a property is priced right, many sellers are seeing multiple offer situations.

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