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 sales for July.

NEW LISTINGS
Single Family Homes – 181 new for July 2023. Down 36%.
Condominiums – 46 new for July 2023. Down 31%.

Single Family Homes Specific Stats:
Median Sales Price:
$495,000 in July 2023. An increase of 9% over median prices from July 2022.
Days on Market:
27 days on market for July 2023 – a 46% increase from July 2022.

Condominium Specific Stats:
Median Sales Price:
$640k in July 2023. Price increase of 18% from same period in 2022.
Days on Market:
21 days on median days on market in July 2023. An increase change of 250% .

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing an increase of 9% in median price over July 2022.
Days on Market:
55 Days on Market for land sold in July 2023.  An increase for days on market of 83%.

Written by Rick Oliver on August 10, 2023
Posted in: Blog, Real Estate |