The Big Island real estate market did not experience a large shift in July as there is still a high demand for inventory and more buyers than what's available on the market.
"While some of the numbers may show slight decreases in the number of sales or median sales price, it is important to compare the market numbers at this time with the market numbers from a year ago at this time, which show an entirely different real estate market," Luva Real Estate says on its website.
The median single-family home sale price on Hawaii Island in July was $435,000. The median sale price for condos in July was $485,000. Land sale median sale price was $38,000, reported by Flow Paper.
There were 610 condos and land and single-family homes transacted in July, Flow Paper reports.
"In May the number of single-family homes decreased slightly from 272 homes sold in June down to 251 homes sold in July," Luva reports. "This is a slight increase of 12% when compared with the number of single-family sales last July. There was a decrease in the number of condos sold last month, dropping from 106 condos in June to 80 condo sales in July. This is still drastically higher than last year at this time when there were only 54 condo sales on the island."
The average number of days on the market was 40 days for single-family homes, 48 days for condominiums and 138 days for land, Flow Paper says.
Luva Real Estate is a full-service real estate brokerage firm on Big Island, Maui and Oahu.