Prices were up and inventory was down on the Big Island in the first quarter of 2013 as Hawaii continues to see a strong demand from vacation home buyers.
Here’s an overview of the Big Island’s real estate activity in the first quarter of 2013 according to the Pacific Business News:
- Sales for single-family homes dipped 14% as real estate inventory continues to tighten. In March 2013, only 139 homes were listed for sale compared to 161 in March 2013.
- The shorter supply of single-family homes, combined with a increased demand for Hawaii vacation homes, drove prices up 26% in March 2013 compared to the same time last year.
- On the Big Island’s Kona Coast, there were 223 home, condominium, and land sales in the first quarter of 2013 – the highest reported sales since the first quarter of 2006 for the area.
Factors Impacting Hawaii Vacation Homes
The strengthening of the real estate market on the mainland, combined with a strong stock market, has given many homeowners more options than they have had in years. Opportunities to buy a vacation home, purchase an investment property, or relocate to the islands for retirement.
Many homebuyers are taking advantage of prices and interest rates to buy now, even if they don’t plan to live in the home immediately. According to a recent report from the National Association of Realtors®, 78% of vacation home buyers who purchased in 2012 considered it to be a good time to purchase. Although 80% of these planned to use the home for a family retreat, buyers are also locking in prices and interest rates now for a variety or reasons, including:
- 27% planned to use the home as a primary residence in the future
- 23% planned to rent to others
- 23% were looking for a way to diversify their investments
The demand for vacation real estate, combined with record tourism and consumer spending in Hawaii, has created strong growth for Big Island real estate in the first quarter of 2013.
Hawaii Resort Homes Now Available at KaMilo
At KaMilo, we feature a limited number of detached, paired, and cottage style homes that are currently available for Fall and Winter 2013 move-in (view photo galleries and virtual tours). Located within the world-famous Mauna Lani Resort, KaMilo offers luxury resort living with prices starting in the $800,000’s.
Find out more about current pricing and availability at KaMilo. Visit our website to request more information or chat live with a Sales Consultant. You can also visit our Sales Center located at visit our Sales Center at 68-1122 N.
Prices and availability are subject to change without prior notice.