Overall, real estate sales activity on the Big Island continues to increase, with total sales for single-family homes and condos rising for the third consecutive month. This surge has been accompanied by rising median sales prices and shorter days on the market. Median sales prices for single-family homes in various areas include: Kona at $1.2M, Kohala at $1.1 M, Hilo at $580K, and Puna at $349K. With mortgage interest rates holding steady, buyers are increasingly embracing higher price points and exercising their negotiation strengths, as evidenced by 58% of properties selling below list price. Brief Overview: Island of Hawaii Unit Sales Stats for February 2024 VS. February 2023  TOTAL SALES Single Family Homes – Total sales of 168 single family homes marks an increase of 32% units in comparison to February 2023. Condos – 42 total sold - down 13% from 2023 numbers. Land – 171 total sales of land offerings representing an increase of 50% when compared against 2023 sales for February. NEW LISTINGS Single Family...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – February 2024

The Big Island real estate market continued to hold steady at the start of 2024 with total sales, median prices, and new listings remaining within recent ranges. In West Hawaii, the median sales price for a single-family home stands at $1,050,000, while a condo is priced at around $673,000. In contrast, East Hawaii sees a drop in medians to $365,000 for single-family homes and $195,000 for condos. The median sales price of a residential property in Hilo (East Hawaii), however, is closer to $500,000. Given the vast landscape and diverse housing options, partnering with a local real estate expert is crucial to understanding the distinct nuances important for any Big Island real estate decision.  Brief Overview: Island of Hawaii Unit Sales Stats for January 2024 VS. January 2023 TOTAL SALES Single Family Homes – Total sales of 154 single family homes marks an increase of 14% units in comparison to January 2023. Condos – 32 total sold - down 9% from 2023 numbers. Land – 136 total sales of land offerings representing a...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – January 2024

The Big Island's housing market is showing an increase in overall activity in December 2023, partly due to decreasing mortgage interest rates that are likely to provide a favorable tailwind as we head into the New Year. Last month, the median sales prices were just below the year's highs, with single-family homes at $860,000 in West Hawaii, $415,000 in East Hawaii, and condos at $598,000 collectively. Whether you are a buyer, seller, or simply holding, 2024 looks poised to present a variety of opportunities, especially for the most affordable of all Hawaiian Islands.   Brief Overview: Island of Hawaii Unit Sales Stats for December 2023 VS. December 2022 TOTAL SALES Single Family Homes – Total sales of 134 single family homes marks a decrease of 9% units in comparison to December 2022. Condos – 30 total sold - down 21% from 2022 numbers. Land – 133 total sales of land offerings representing an increase of 2% when compared against 2022 sales for December. NEW LISTINGS Single Family Homes – 162 new listing...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – December 2023

Sales activity on the Big Island came to a standstill in November, with both single-family home and condo sales recording their lowest marks since May 2020. As a result, days on market climbed up to 35 days for residential properties. Keen observers of the market will notice an uptick in listings and escrows, suggesting a shift. With mortgage interest rates trending downward, it will be interesting to see how the year finishes, especially since median prices are only slightly higher compared to the same period last year.  Brief Overview: Island of Hawaii Unit Sales Stats for November 2023 VS. November 2022 TOTAL SALES Single Family Homes – Total sales of 129 single family homes marks a decrease of 24% units in comparison to November 2022. Condos – 28 total sold - down 7% from 2022 numbers. Land – 121 total sales of land offerings representing an increase of 1% when compared against 2022 sales for November. NEW LISTINGS Single Family Homes – 174 new listings for November 2023. Down 14%.               ...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – November 2023

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 â...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – October 2023

Much remains unchanged in the Big Island's overall real estate market for September 2023, with tighter market conditions continuing to prevail. Year-over-year, median prices for both single-family homes and condos remained flat, with properties taking slightly longer to sell. A lack of new inventory for sale will continue to favor sellers. Brief Overview: Island of Hawaii Unit Sales Stats for September 2023 VS. September 2022 TOTAL SALES Single Family Homes – Total sales of 154 single family homes marks a decrease of 22% units in comparison to September 2022. Condos – 54 total sold - up 17% from 2022 numbers. Land – 166 total sales of land offerings representing a decrease of 3% when compared against 2022 sales for September. NEW LISTINGS Single Family Homes – 159 new for September 2023. Down 34%. Condominiums – 32 new for September 2023. Down 42%. Single Family Homes Specific Stats: Median Sales Price: $534,000 in September 2023. A decrease of 1% over median prices from September 2022. Days on Marke...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – September 2023

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%.                        Â...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – August 2023

The real estate market on the Big Island traditionally demonstrates considerable strength during the summer months. This pattern held true for 2023, until a 30% drop in sales from the recent highs of June was observed in July. While year-over-year sales are down 20% across the state and much of the country, median prices are maintaining their stability, with single-family homes up by 9% to $495,000 and condos up by 18% to $639,500. Despite these mixed signals from key market indicators, today's market activity is predominantly driven by those who need to make life changes whether it be moving back to the mainland, downsizing, or diversifying their portfolio. Brief Overview: Island of Hawaii Unit Sales Stats for July 2023 VS. July 2022 TOTAL SALES Single Family Homes – Total sales of 151 single family homes marks a decrease of 16% units in comparison to July 2022. Condos – 44 total sold - down 30% from 2022 numbers. Land – 144 total sales of land offerings representing a decrease of 32% when compared against 2022 sa...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – July 2023

The real estate market on the Big Island is heating up with summer, as sales activity has seen a continual increase in recent months. With more buyers vying for properties, the median sales price for single-family homes has nearly reached record highs in both West Hawaii, at $1.16 million, and East Hawaii, at $450,000. Across the island, similar trends are being observed in the condominium market. Those who have been waiting for prices to make a significant correction may find themselves waiting considerably longer. Brief Overview: Island of Hawaii Unit Sales Stats for June 2023 VS. June 2022 TOTAL SALES Single Family Homes – Total sales of 198 single family homes marks a decrease of 20% units in comparison to June 2022. Condos – 78 total sold - down 6% from 2022 numbers. Land – 192 total sales of land offerings representing a decrease of 14% when compared against 2022 sales for June. NEW LISTINGS Single Family Homes – 186 new for June 2023. Down 47%. Condominiums – 54 new for June 2023. Down 17%. Singl...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – June 2023

Click here to view report

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update – 2023 Mid-Year Report