The Big Island’s real estate market remains relatively unchanged as summer comes to an end, with total sales and median prices staying within a narrow range for single-family homes. The median sales price for homes in West Hawaii Island was $1.1 million, compared to $428k in East Hawaii. On the other hand, the condo market continues to slow, with declining sales and prices. Condos are now taking three times longer to sell, with days on market increasing from 11 days in June to 35 days in August.

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

TOTAL SALES
Single Family Homes – Total sales of 172 single family homes marks decline of 6% in comparison to August 2023.
Condos – 42 total sold – down 16% from 2023 numbers.
Land – 123 total sales of land offerings representing a decrease of 31% when compared against 2023 sales for August.

NEW LISTINGS
Single Family Homes – 151 new listings for August 2024. Down 37% from previous year.
Condominiums – 60 new condo listings for August 2024. Up 25% from August 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$563,000 in August 2024. An increase of 14% over median prices from August 2023.
Days on Market:
32 days on market for August 2024 – an increase of 10% from August 2023.

Condominium Specific Stats:
Median Sales Price:
$581k in August 2024. Down 5% from August 2023.
Days on Market:
36 median days on market in August 2024.  Up by 97% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$60,000 representing an increase of 71% in median price over August 2023.
Days on Market:
31 Days on Market for land sold in August 2024.  A decrease for days on market of 48%.

Written by Rick Oliver on September 9, 2024
Posted in: Blog, Real Estate |