November 2020 Market Update
Continued Positive News For Sellers!!
The Island of Hawaii real estate market continues to churn out sales in lessor numbers and volumes than 2019 but Median Sales Prices have not declined, Year over Year, for the first 11 months of 2020 despite the virus pandemic which is limiting travel by buyers and sellers to Hawaii. This is positive news for sellers! Buyers have less to choose from and prices have firmed up. Sellers usually start listing their properties when they arrive for the winter season which is forthcoming soon in January. This could increase inventories which could quell the issue of low inventory-maybe not.
There are still plenty of buyers seeking quality homes and condominiums as mainland markets have become over valued-see the Corelogic Report. Compared to the 2007 market peak on the Kohala Coast, most resort condominiums are still selling below these values. Adjusted for inflation, they are selling way below these prices. Sellers who choose to sell to the limited number of buyers in the market are not expe...
