Hawai'i Island Market Report: February 2021
It is hard to believe we are almost through the first two months in 2021 - yet here we are at the end of February already! In case you haven't been following, the real estate industry has gained a lot of traction over the past 6 months. Here in Hawaii, inventory remains low all around as do the interest rates, which have been historically low in recent months. The low inventory and high buyer demand has created an ideal seller's market here on Big Island, in particular for single-family home sellers. If a property is priced accurately, it will not remain on the market long and in many situations there will be multiple offers. Where I live in North Kona, the average days on the market for single family homes was just 46 days in January - compared to 85 days in January 2020. If you are a homeowner and you are considering selling, it is a great time to sell your home.
If you are a buyer in this market - don't forget to look at the positives of buying in this type of market. Because interest rates are so low, you are able to qualify for more. Also, while there is steep buyer competition overall, pricing for single family homes and condos on Big Island has not increased significantly since this time last year, increasing 2.6% for single family homes and 9.2% for condos.
Take a look at the full market report from LUVA Real Estate by clicking here. If you are interested in being added to my monthly market report distribution list or have questions about the report, email me today at firstname.lastname@example.org!