2015 was the best Big Island real estate market since the housing crash of 2008, and there’s every reason to expect the growth trend to continue in 2016. If you’re considering purchasing a home or second home here in Hawaii, the Big Island is the place to be!
Although home prices are on the rise nationwide, Hawaii and the Big Island in particular is seeing an impressive spike in home purchases. Not only are current Hawaii residents buying at unprecedented rates, but buyers are coming to Hawaii Island from other islands, across the mainland and around the world. This influx of buyers and the overall stabilization of the real estate market across the country have positively impacted homes sales in every district of Hawaii Island. In fact, according to a state Department of Business, Economic Development and Tourism’s November report, the Big Island has seen the most mainland buyers in the state since 2008, and Kona has been the strongest performing area of the island.
[bctt tweet=”If you’ve been on the fence about listing your Big Island home for sale, now is the time!”]
2015 saw more than a seven percent increase in home sales over 2014. The largest increase was seen in Puna due to the rebound from a combination of hurricanes and lava flow scares on the east side of the island that made residential and commercial insurance tricky for a while. However, Puna’s sales spike was closely followed by North Kona with over 400 homes sold in 2015.
The strong sales numbers from last year mean that it’s a great time to put your home on the market. Home inventories are tight across the island. This is driving median home prices up across the board. However, with interest rates remaining low, mortgage payments are often in line with rent, making it a great time to buy as well.
With buyers and investors coming from the mainland as well as Hong Kong, Japan, Canada, Switzerland and Germany, demand for Big Island homes is expected to remain strong well into the future. Home prices are increasing, and there’s the expectation that interest rates will follow soon. If you’ve been on the fence about listing your home for sale, now is the time!
Photo by Teemu008