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
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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
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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
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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...

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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...

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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...

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Filed under: Blog, Real Estate by Rick Oliver
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The Big Island real estate market was a mixed bag in May. Sales activity for single-family homes showed strong demand, with properties selling 12 days faster than the previous month. However, the days on the market continued to increase for condos, reaching 43 days compared to 33 days for single-family homes. Across the island, the lack of inventory for sale remains evident, as there were 34% fewer listings this month (268) compared to last year (407). On the Big Island, the real estate market often experiences increased activity throughout the summer months, so be on the lookout for more competition among both buyers and sellers. Brief Overview: Island of Hawaii Unit Sales Stats for May 2023 VS. May 2022 TOTAL SALES Single Family Homes – Total sales of 187 single family homes marks a decrease of 27% units in comparison to May 2022. Condos – 56 total sold - down 40% from 2022 numbers. Land – 198 total sales of land offerings representing a decrease of 31% when compared against 2022 sales for May. NEW LISTINGSS ...

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The Big Island real estate market is finding its footing at pre-pandemic demand levels as median days on the market and total sales return to 2018-2020 ranges. Two consecutive months of increased sales activity are in line with previously established seasonality trends of higher sales activity in the summer months. A deeper dive into prices shows strong demand for West Hawaii with median prices for single-family homes holding the $1 million mark and a slight softening for East Hawaii with median prices at $350K. Brief Overview: Island of Hawaii Unit Sales Stats for April 2023 VS. April 2022 TOTAL SALES Single Family Homes – Total sales of 160 single family homes marks a decrease of 33% units in comparison to April 2022. Condos – 60 total sold - down 31% from 2022 numbers. Land – 164 total sales of land offerings representing a decrease of 37% when compared against 2022 sales for April. NEW LISTINGS Single Family Homes – 158 new for April 2023. Down 48%.                                      ...

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Median sales prices for single-family homes on the Big Island established a new record high at $558,000 in March, led primarily by the island's west side (Kona and Kohala}. While the overall market showed signs of finding a bottom with regard to sales activity, days on market continue to increase as housing affordability and a perpetual lack of homes for sale put pressure on buyers and sellers alike. Brief Overview: Island of Hawaii Unit Sales Stats for March 2023 VS. March 2022 TOTAL SALES Single Family Homes – Total sales of 160 single family homes marks a decrease of 43% units in comparison to March 2022. Condos – 57 total sold - down 31% from 2022 numbers. Land – 207 total sales of land offerings representing a decrease of 35% when compared against 2022 sales for March. NEW LISTINGS Single Family Homes – 188 new for March 2023. Condos – 44 units in March 2023. Single Family Homes Specific Stats: Median Sales Price: $558,000 in March 2023. An increase of 8% over median prices from March 2022. Days...

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