The Big Island real estate market is approaching a crossroads-total sales for single-family homes and condos approached 1 0-year lows with just 7 more sales in January 2023 compared to the low of 162 sales  in May 2019. With so little inventory for sale, median prices have continued to stay within the range of recent highs. With both buyers and sellers at a standstill, days on market have continued to climb month after month reaching 35 days in January up from just 13 days in July of last year. Brief Overview: Island of Hawaii Unit Sales Stats for January 2023 VS. January 2022 TOTAL SALES Single Family Homes – Total sales of 134 single family homes marks a decrease of 39% units in comparison to January 2022. Condos – 35 total sold - down 49% from 2022 numbers. Land – 105 total sales of land offerings representing a decrease of 55% when compared against 2022 sales for January. NEW LISTINGS Single Family Homes – 178 new listings representing 35% fewer new home listings over January 2022. Condos – 54 units in ...

Filed under: Blog, Real Estate by Rick Oliver
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Much like Mauna Loa, the Big Island real estate market has gone quiet in December. Compared to the same month last year, total sales are down -50% for single-family homes and -55% for condos island wide. Even with sales activity down, median prices are holding steady in part to a lack of inventory for sale. If you plan to buy or sell property on the Big Island, understanding the nuances of each market area is critical as demand and desirability factors can vary greatly from one market area to another. Brief Overview: Island of Hawaii Unit Sales Stats for December 2022 VS. December 2021 TOTAL SALES Single Family Homes – Total sales of 147 single family homes marks a decrease of 50% units in comparison to December 2021. Condos –38 total sold - down 55% from 2021 numbers. Land – 131 total sales of land offerings representing a decrease of 43% when compared against 2021 sales for December. NEW LISTINGS Single Family Homes – 156 new listings. Condos – 58 units in December 2022 Single Family Homes Specific Stats:...

Filed under: Blog, Real Estate by Rick Oliver
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We just sold lot 2.  Lots 3,4,14,19,20, and 22 remain for sale. These lot offerings are great values and are rare residential lots to build your resort Dream Home. Lots 3 requires a 2-story home to meet the minimum square footage within the resort. Lots 14 and 22 have fully developed, single-level plans, including engineering and landscape plans that will expedite the build process by years. These two lots have been submitted for County Building permits which could be issued in the coming months. Nohea is a 15-acre community featuring a recreation center conveniently located within the resort, very near the Mauna Lani Bay Hotel and Bungalows. The recreation includes its saltwater pool, BBQ pavilions, and exercise hale with Life Fitness equipment. Owners and guests can use the owner's hale for parties and events anytime. Nohea is pet-friendly and allows vacation rentals of 4 nights or more. Coupled with Nohea's beautiful recreation center and exercise hale, the community is second to none within the Mauna Lani Resort and Kohala ...

Filed under: Real Estate, Significant Sales by Rick Oliver
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While some may speculate the recent volcanic activity of Mauna Loa is influencing the Big Island's housing market, longer view trends are showing a sustained slowdown since the peak of last year's housing craze (02/2021) and the increase in rising mortgage interest rates (01/2022). Year-over-year, there were 96 less homes for sale (-29%) as sales activity returned to pre-pandemic ranges. Most notably, median days on market for single-family homes have been consistently going up from a recent low of 11 days in June to 37 days in November.  Brief Overview: Island of Hawaii Unit Sales Stats for November 2022 VS. November 2021 TOTAL SALES Single Family Homes – Total sales of 170 single family homes marks a decrease of 26% units in comparison to November 2021. Condos –30 total sold - down 59% from 2021 numbers. Land – 119 total sales of land offerings representing a decrease of 48% when compared against 2021 sales for November. NEW LISTINGS Single Family Homes – 177 new listings. Condos – 56 units in November 2022...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
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As summer comes to an end the Big Island real estate market continues to cool as sales activity returns to pre-pandemic levels. Even though the total number of transactions were down 30% year over year, median sales price remained flat. With interest rates nearing 7%, buyers are not particularly motivated to purchase while sellers who locked in 2.75% - 3.5% mortgages or paid cash are even more unlikely to sell anytime soon. Brief Overview: Island of Hawaii Unit Sales Stats for October 2022 VS. October 2021 TOTAL SALES Single Family Homes – Total sales of 180 single family homes marks a decrease of 31% units in comparison to October 2021. Condos – 46 total sold is down 44% from previous 2021 numbers. Land – 179 total sales of land offerings representing a decrease of 24% when compared against 2021 sales for October NEW LISTINGS Single Family Homes – 201 new listings. Condos – 45 units in October 2022 Single Family Homes Specific Stats: Median Sales Price: $510,000 in October 2022. An increase of 6% over me...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
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Sales on the Big Island have certainly slowed as there were only 244 total single-family home and condo sales in September 2022, down 47% from the peak of 456 combined sales in March 2021. Prior to the pandemic, total sales activity ranged from 200-260 sales per month, so the current decline is in line with normal levels. Even though properties are taking nearly two weeks longer to sell, prices are holding strong. Brief Overview: Island of Hawaii Unit Sales Stats for September 2022 VS. September 2021 TOTAL SALES Single Family Homes – Total sales of 198 single family homes marks a decrease of 27% units in comparison to September 2021. Condos – Down 44% in sales. 46 total sold. Land – 172 total sales of land offerings representing a decrease of 28% when compared against 2021 sales for September NEW LISTINGS Single Family Homes – 213 units with a 21% decrease over previous 2021 period. Condos – Down 45% for new listings. 44 units in 2022 Single Family Homes Specific Stats: Median Sales Price: $538,000 in Sep...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
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The Big Island real estate market is following national and statewide trends as sales activity decreased 25% year over year with only a slight increase from August (243) to August (257). Other key indicators including median sales prices remained relatively flat as both buyers and sellers continue to let the macro economic market conditions play out. Brief Overview: Island of Hawaii Unit Sales Stats for August 2022 VS. August 2021 TOTAL SALES Single Family Homes – Total sales of 200 single family homes. Down 25% compared to August 2021. Condos – Down 37% in sales. 57 total sold. Land – 193 total sales of land offerings representing a decrease of 29% when compared against 2021 sales for August NEW LISTINGS Single Family Homes – 214 units with a 29% decrease over previous 2021 period. Condos – Down 46% for new listings. 43 units in 2022 Single Family Homes Specific Stats: Median Sales Price: $484,000 in August 2022 a slight decrease of 2% over median prices from August 2021. Days on Market: 22 days on mar...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
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Buyers are regaining control on the Big Island as median sales prices continued their decline from recent highs while days on market increases. Since July 1st, of the 678 combined single-family homes and condos listed for sale, 21.6% have seen a price reduction. Properties that are priced accordingly and present well are continuing to sell quickly. Brief Overview: Island of Hawaii Unit Sales Stats for July 2022 VS. July 2021 TOTAL SALES Single Family Homes – Down 31% in sales - totaling 180 units. July 2021 saw 261 sales. Condos – Down 23% in sales. 63 total closed. Land – 211 total sales of land offerings representing a decrease of 27% when compared against 2021 sales for July. NEW LISTINGS Single Family Homes – Down 7% with 238 units. Condos – Down 15% for new listings. 60 units in 2022 Land – Down 17%. 256 vs. 310 for 2021. Single Family Homes Specific Stats: Median Sales Price: $456,000 in July 2022 an increase of 7% over median prices from July 2021. Days on Market: 19 days on market for July 20...

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View the 2nd quarter Market Summary for 2022 ↓ Click Here ↓

Filed under: Real Estate by Rick Oliver
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Overall market activity on the Big Island is showing signs of slowing as total sales declined -12% for single-family homes and -22% for condos year over year. Even though sales are down, prices remain near recent highs as competitively priced properties continue to sell quickly. Given the Big Island's vast size and geographic diversity, it is important to review data specific to each market area as median sales prices range from $300K to over $1 million. Brief Overview: Island of Hawaii Unit Sales Stats for June 2022 VS. June 2021 TOTAL SALES Single Family Homes – Down 12% in sales - totaling 246 units. Condos – Down 22% in sales. 83 total closed. Low Inventory levels, higher borrowing costs and elevated list prices are all factors. Land – 224 total sales of land offerings representing an increase of 30 units (+12%) when compared against 2021 sales for June. Land continues to offer value where buyers will build a home eventually at a lower combined cost than buying an improved lot with house. NEW LISTINGS Single Fa...

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