It’s a tale of two markets. In October, single-family homes displayed strength, with median prices nearing record levels at $550,000 and a significant decline in days on the market to just 22 days. Conversely, the Big Island’s condo market is showing signs of weakness. Prices have fallen for the third consecutive month, and properties are now taking 12 days longer to sell compared to recent months. With new listings matching total sales, anticipate a sustained tight housing market, even as mortgage interest rates approach 20-year highs.

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

TOTAL SALES
Single Family Homes – Total sales of 169 single family homes marks a decrease of 6% units in comparison to October 2022.
Condos – 46 total sold – up 18% from 2022 numbers.
Land – 144 total sales of land offerings representing a decrease of 20% when compared against 2022 sales for October.

NEW LISTINGS
Single Family Homes – 180 new listings for October 2023. Down 25%.
Condominiums – 43 new condo listings for October 2023. Down 20%.

Single Family Homes Specific Stats:
Median Sales Price:
$555,000 in October 2023. An increase of 9% over median prices from October 2022.
Days on Market:
22 days on market for October 2023 – a 8% decrease from October 2022.

Condominium Specific Stats:
Median Sales Price:
$529k in October 2023. Up 4% from October 2022.
Days on Market:
35 days on median days on market in October 2023.

Vacant Land Specific Stats:
Median Sales Price:
$46,000 representing an increase of 3% in median price over October 2022.
Days on Market:
44 Days on Market for land sold in October 2023.  An increase for days on market of only 1%.

Written by Rick Oliver on November 13, 2023
Posted in: Blog, Real Estate |