Much remains unchanged for Big Island real estate in May, as total sales and median prices stayed in line with flat to slight increases from the start of the year. Some softening of demand is being experienced for single-family homes (SFH), as days on market increased by 10 days to a total of 37 days. Even with this increase, it remains a seller’s market. Median prices for Single Family Homes in key markets are highlighted by Kona at $1.12M, Kohala at $1.33M, Hamakua at $975K, and Hilo at $510K.

Brief Overview:
Island of Hawaii Unit Sales Stats for May 2024 VS. May 2023 

TOTAL SALES
Single Family Homes – Total sales of 177 single family homes marks a decrease of 5% in comparison to May 2023.

Condos – 72 total sold – up 29% from 2023 numbers.
Land – 175 total sales of land offerings representing a decrease of 12% when compared against 2023 sales for May.

NEW LISTINGS
Single Family Homes – 178 new listings for May 2024. Down 32% from previous year.                                  Condominiums – 39 new condo listings for May 2024. Down 39%.

Single Family Homes Specific Stats:
Median Sales Price:
$555,000 in May 2024. An increase of 12% over median prices from May 2023.
Days on Market:
37 days on market for May 2024 – an increase of 12% from May 2023.

Condominium Specific Stats:
Median Sales Price:
$690k in May 2024. Up 25% from May 2023.
Days on Market:
19 median days on market in May 2024. Down by 58% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$42,000 representing an increase of 27% in median price over May 2023.
Days on Market:
47 Days on Market for land sold in May 2024.  An increase for days on market of 9%.

Written by Rick Oliver on June 12, 2024
Posted in: Blog, Real Estate |