Aloha, and welcome back. I hope you’ve been enjoying the fall here on the island, and where does the time go? The holidays are just around the corner now!
Indeed, the time is flying, and our state’s ongoing real estate seller’s market shows no signs of slowing down as we close out the year. Per the latest statistics released by Hawai’i Realtors, September saw the Big Island’s median sales price for single-family homes checking in at $499,000, an 18.8% increase over the median price in September of last year. In all, 263 homes were sold on the island – 10 more than were sold in September of 2020 – which was also the second-most homes sold throughout the state in the month (O’ahu came in first, with 424 total single-family home sales).
Furthermore, there were 80 condominiums sold on the Big Island in September, at a median sales price of $488,750 – a 19.21% increase from the median last year.
Through September, a total of 2,419 single-family homes have been sold on the marketplace here on the island of Hawai’i, with the overall 2021 median sales price coming in at $472,500. That’s over a 19% increase overall in the median price through September of last year, and condos weren’t far behind, with a 2021 median price of $474,000 and a 23.1% increase from the figures through September of last year ($385,000).
(Need a refresher as to why most realtors and realty companies utilize the median sales price as opposed to merely the average? Check out our previous blog to learn more!)
By way of comparison, our $499k median sales price sure sounds like a bargain, especially compared to the other islands in September:
- Kaua’i: $1,,72,500 homes/$619,000 condos
- O’ahu: $1,050,000 homes/$478,000 condos
- Maui: $995,500 homes/$729,125 condos
But might the numbers themselves be deceiving? Let’s look at some of the Big Island’s best neighborhoods to see what we can find!
A deeper dive into the numbers
Here on the beautiful Big Island, it’s always wise to remember that no two neighborhoods are alike – and that definitely holds true when it comes to real estate.
To drive this home, here is a selection of median prices in some of our favorite neighborhoods across the island, according to Redfin.com:
- 96743 (Kamuela): $1.3 million
- 96725 (Holualoa): $1.09 million, up 86.9% since last year
- 96738 (Waikoloa): $883k
- 96740 (Kailua-Kona): $767k
- 96719 (Hawi): $444k, down 5.6% from last year
- 96755 (Kapa’au): $606k
- 96776 (Pa’auilo): $1.4 million, up 188% (!) since last year
- 96710 (Hakalau): $1.5 million
- 96783 (Pepe’ekeo): $350k, down 45.7% since last year
- 96781 (Papaikou): $1.1 million, up 162% since last year
So, as you can see, even the median sales price can be misleading without the proper context. The island of Hawai’i is home to some of the most sought-after pieces of real estate in the entire world, not to mention a diverse array of neighborhoods and communities. Each of them has their own unique feel and rhythm – not to mention their own unique weather patterns! – and thus will also display a wide array of listings as well.
If you’re looking to make the big move here to paradise – or hoping to sell your home for maximum value – then give me a call and let’s get started on making all those island dreams come true – from mauka to maka’i.