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 listings for December 2023. Down 16%.                                                 Condominiums – 42 new condo listings for December 2023. Down 32%.

Single Family Homes Specific Stats:
Median Sales Price:
$550,000 in December 2023. An increase of 16% over median prices from December 2022.
Days on Market:
16 days on market for December 2023 – a decrease of 16% from December 2022.

Condominium Specific Stats:
Median Sales Price:
$599k in December 2023. Up 1% from December 2022.
Days on Market:
8 median days on market in December 2023.  Down 50% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing a decrease of 4% in median price over December 2022.
Days on Market:
37 Days on Market for land sold in December 2023.  A decrease for days on market of  41%.

Written by Rick Oliver on January 15, 2024
Posted in: Blog, Real Estate |