Our sleepy little district on the northern tip of Hawaii Island has been discovered again. Maybe it’s the pandemic or something else? One can only speculate. It could be the remoteness, the beauty, the simple living that is pushing real estate sales here in North Kohala. Maybe people need a place of refuge.
Since March 1 this year 27 homes have sold with a median price of $579,000 and within 96-97% of list price. Median days on market has been 58.
Compare that with the same dates in 2019. 27 homes sold with a median price of $489,000 and 94-96% of list price. The number of sales is holding during a time when travel to the islands is restricted, the prices are increasing, and homes are selling more quickly.
Currently there are 22 pending sales and only 21 active listings with a median 75 days on market and median list price of $724,000. Wow!
We are now seeing multiple offer situations as well as homes going under contract within a few days of hitting the market. Here are a few examples.
MLS #636931 sold for over $45,000 above list price. The offer was made 2 hours after the listing was released.
After a few quiet weeks on the market, this property had multiple offers and sold for asking price of $1.25M. MLS #631799
Historically, moderately priced homes (under $500,00) sold very quickly in North Kohala, and homes over $1M tended to take a while to sell. Now even higher priced estates are selling quickly.
MLS #641554, listed for $3M on August 15th, had an accepted offer on August 19th and is expected to close next week.
Takehome Message
We have many different “micro” real estate markets here on the island of Hawaii. Currently, North Kohala is highly desirable and showing a lot of activity. It’s not just geographical locations that have seen a shift in sales. Home sales and land sales are doing well practically everywhere. Condominium sales have been dormant the last several months, but show signs of life returning. Inventory is low, buyers are serious and shiny objects sell quickly. If you are a buyer and see “the one,” do not hesitate or it will be gone. If you are looking to sell, do it now.
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