Big Island Year End Statistics & 2019 Forecast
The following data and statistics were taken from: Title Guaranty Escrow, Hawaii Information Services, Pacific Business News, and Chief Economist, Danielle Hale from Realtor.com.
Predictions of Economists Agree on Following:
-Mortgage rates will continue to rise to 5.5% by end of 2019
-Home prices will increase between 2.2% to 3.8%
-Number of Sales will drop 2%
-First time Buyers and Mortgage Buyers sales to drop
-High-end Properties prices will rise
Chief Economist, Danielle Hale, from Realtor.com predicts the national median home price to increase 2.2% next year and for sales to drop 2%. PBN noted that Zillow was a bit more upbeat, expecting home prices to rise 3.8%.
Big Island Year End Statistics for 2018
The median price of a single-family home on the Big Island for all of 2018 was $358,750, a 2.5 percent increase from $350,000. Sales of single-family homes, however, declined by 6.69 percent to 2,330 houses sold, from 2,497 houses sold in 2017.
Condo sales for all of 2018 declined by 2.57 percent to 833 units sold, from 855 units sold in 2017. The median price for a Big Island condo was $350,000, a 12.9 percent increase from $310,000 in 2017.
West Hawaii – South Kohala and North Kona
According to Title Guaranty Escrow, 58 single family homes sold for a total $50,000,000. There were 70 condos sold totaling $52M and vacant land totaled $8.8M for 18 parcels. As always these districts produce the highest prices on the Big Island. Click here for TG Report
Hilo and Volcano District Sales and Prices
Janis Magin with PBN noted that the eruption of Kilauea volcano from May to August failed to stop prices from rising. The number of sales in the Hilo and Puna district declined in the 3rd quarter; nevertheless, sales and prices increased over all in 2018.
Strong Market in Hawaii
As we study the market statics and trends, we see a very good 2018 and and look forward to a strong 2019 as we see the value of Hawaii real estate continue to increase.
Contact me at to help you achieve your Hawaii Real Estate goals. I am here to help you in your investment purchase or selling your Big Island property.
Ahmad Mohammadi, R(B)
Hawaii Luxury Real Estate