Recent market conditions prevailed in August, with key indicators remaining relatively unchanged throughout the summer. As mortgage interest rates continue to rise above 7%, softer demand may be on the horizon. However, properties priced at or below the median sales prices for condos and single-family homes still sell quickly and often above the asking price. In today’s market, working with a seasoned real estate agent who can help you navigate the nuances of a community or condo building is a considerable advantage.

Brief Overview:
Island of Hawaii Unit Sales Stats for August 2023 VS. August 2022

TOTAL SALES
Single Family Homes – Total sales of 183 single family homes marks a decrease of 9% units in comparison to August 2022.
Condos – 50 total sold – down 12% from 2022 numbers.
Land – 179 total sales of land offerings representing a decrease of 7% when compared against 2022 sales for August.

NEW LISTINGS
Single Family Homes – 189 new for August 2023. Down 26%.                                                 Condominiums – 41 new for August 2023. Down 21%.

Single Family Homes Specific Stats:
Median Sales Price:
$495,000 in August 2023. An increase of 9% over median prices from August 2022.
Days on Market:
32 days on market for August 2023 – a 32% increase from August 2022.

Condominium Specific Stats:
Median Sales Price:
$613k in August 2023. Price increase of 2% from same period in 2022.
Days on Market:
18 days on median days on market in August 2023. An increase change of 80% .

Vacant Land Specific Stats:
Median Sales Price:
$35,000 representing a decrease of 22% in median price over August 2022.
Days on Market:
60 Days on Market for land sold in August 2023.  An increase for days on market of 173%.

Written by Rick Oliver on October 10, 2023
Posted in: Blog, Real Estate |