Market Condition April 2020

The March 2020 real estate sales market remained primarily unchanged Year over Year for Hawaii Island for March 2019 vs. March 2020. This is primarily because sales were booked in January and February as the coved-19 pandemic was developing.

April 2020 sales reflect the COVID-19 effect clearly as these stats reflect Buyer’s actions in February and March 2020 as flights were cancelled and quarantine mandates were implemented which diminished visitors to the island.

I will continue to monitor the effects and report on the number of units in escrow and closed sales as we go forward and update June 1. It’s too early to tell how these declines will effect values at this point as new listings are few, indicating sellers are reluctant to list, which is positive for values as few listings keep our available inventory low. As restrictions on Short Term Vacation Rentals, 14-Day Mandatory Quarantine for new arrivals and flights to Hawaii are restored-sales should continue. Let’s hope this happens sooner than later.

The chart below includes unit volume statistics. Highlights of this chart show a 75.61% in the number of closed sales of condominiums in the South Kohala Resort district which includes the Mauna Lani, Mauna Kea and Waikoloa Beach Resort. South Kohala also includes Waikoloa Village and Puako where Single Family Residences are the primary real estate. In the adjacent North Kona district which includes the Kukio, Hualalai and Kohanaiki Resort/Communities, stats show a -64% drop in the number of condominiums sold and -27% less homes. Number of land transactions dropped -22.09% island wide.

See chart below with unit volume details from our Multiple Listing Service:

April Unit Volume Year over Year 2019/2020	Hawaii Island (Overall)	South Kohala Including Resorts	North Kona including Resorts
Residential	-18.14%	-30.43%	-27.66%
Land	-22.09%	-40%	-16.67%
Condominium	-61.47%	-75.6	-64.41%

The chart below includes $$$ volume statistics. Highlights of this chart show a 79.27% in the $$ sales volume of condominiums in the South Kohala Resort district which includes the Mauna Lani, Mauna Kea and Waikoloa Beach Resort. South Kohala also includes Waikoloa Village and Puako where Single Family Residences are the primary real estate. In the adjacent North Kona district which includes Kukio, Hualalai and the Kohanaiki Resort/Communities, stats show a -59.77% drop in the $$$ volume of condominiums sold and -10.77% less volume of homes closed. Land $$$ volume dropped -68.01% island wide.

See Chart Below with $$ Volume details from our Multiple Listing Service: