Real estate market leaps ahead in March
Residential real estate sales volume rose 30 percent on the Big Island in March, according to the MLS Database compiled by the Hawaii Information Service. Sales volume stood at $54.8 million in March 2012, but reached $71.1 million inMarch 2013.
For the year to date, the Big Island has seen a 25 percent increase in overall sales volume, hitting $187.9 million for the first three months of the year. The actual number of sales of Big Island residential properties dropped 13.7 percent in March, however, and a little more than half a percent for the year -to-date.
Sales of vacant land island-wide jumped 30 percent in March and 30 percent so far this year, with sales volume jumping 6.6 percent for March and 15.7 percent for the year-to-date.
Condomimium sales showed modest increases, 3.9 percent in March and 6.1 percent year-to-date, while sales volume is up 10.4 percent for March and 16.83 percent for the year-to-date.
Only one commercial property sale, and one business sale, was completed in March 2012, and none in March this year in either category. For the year-to-date, commercial sales aredown 55.6 percent on a drop from nine sales in 2012 to 4 in March 2013.
The numbers reflect an across-the-board, year-to-date jump in the median sales price. The residential median sales price is up 17.4 percent; vacant land is up 3.3 percent; commercial properties are up 27.3 percent; condominiums are up 2.5 percent; and the median sales price for businesses is up by 900 percent, based on the sale of one business this year on the Big Island.
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