Dear Friends and Family,
Here is new data out for August 2023 for our island. I am concentrating on South Kohala (includes Waimea, Waikoloa and Kohala Resorts) this month.
With Maui residents now out of work and many without homes, I am expecting an influx of Maui residents moving to our island for employment in the next 6 months. This demand will eat up rental housing units first and later this year and early 2024 when their insurance reimbursement for housing losses come in, many of these folks will be purchasing residences on Hawaii Island. I met two people last week working in the resorts that just moved here and lost their homes in the Lahaina fire.
Currently homes for sale on the North and West side of our island are on the market longer for sale than in the last 2 years. For South Kohala the number of homes sales are down 30% from August last year with 301 closed residential units in 2023 to date.
In the month of August there were 19 total home sales with a median sales price at $750,000 for South Kohala. Oddly last month there were 17 condominium sales in South Kohala with a median sale price of $990,000.
Top number of homes sold are on the East side of the island with Puna ranking #1 at 81 homes sold at the median price of $355,000.
*Excerpt from Title Guaranty for year to date stats for all of Hawaii Island below
Here is new data out for August 2023 for our island. I am concentrating on South Kohala (includes Waimea, Waikoloa and Kohala Resorts) this month.
With Maui residents now out of work and many without homes, I am expecting an influx of Maui residents moving to our island for employment in the next 6 months. This demand will eat up rental housing units first and later this year and early 2024 when their insurance reimbursement for housing losses come in, many of these folks will be purchasing residences on Hawaii Island. I met two people last week working in the resorts that just moved here and lost their homes in the Lahaina fire.
Currently homes for sale on the North and West side of our island are on the market longer for sale than in the last 2 years. For South Kohala the number of homes sales are down 30% from August last year with 301 closed residential units in 2023 to date.
In the month of August there were 19 total home sales with a median sales price at $750,000 for South Kohala. Oddly last month there were 17 condominium sales in South Kohala with a median sale price of $990,000.
Top number of homes sold are on the East side of the island with Puna ranking #1 at 81 homes sold at the median price of $355,000.
*Excerpt from Title Guaranty for year to date stats for all of Hawaii Island below
Affordability Chart As Of 1/11/23
