The annual migration of snowbirds is giving a boost to the Big Island’s single-family home market. However, the condo market across the island is facing challenges, with 75% of all condos selling below the asking price in December. As a result, the median sales price for condos has dropped to a three-year low. By key market areas, the median price of a condo is $464k in Kona, $855k in South Kohala, and $185k in Hilo. Despite these trends, the condo market presents a unique opportunity for buyers to invest at more favorable prices, particularly for those with a long-term outlook.

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

TOTAL SALES
Single Family Homes – Total sales of 166 single family homes marks an increase of 24% in comparison to December 2023.
Condos – 45 total sold – up 50% from 2023 numbers.
Land – 147 total sales of land offerings representing an increase of 11% when compared against 2023 sales for December.

NEW LISTINGS
Single Family Homes – 139 new listings for December 2024. Down 36% from previous year. Condominiums – 57 new condo listing for December 2024. Down 5% from December 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$515,000 in December 2024. A decrease of 6% over median prices from December 2023.
Days on Market:
43 days on market for December 2024 – an increase of 83% from December 2023.

Condominium Specific Stats:
Median Sales Price:
$495k in December 2024. Median prices down by 22% from December 2023.
Days on Market:
51 median days on market in December 2024.  Up by 538% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$55,000 representing an increase of 22% in median price over December 2023.
Days on Market:
57 Days on Market for land sold in December 2024.  An increase for days on market of 54%.

Written by Rick Oliver on February 7, 2025
Posted in: Blog, Real Estate |