The overall sentiment for the Big Island’s real estate market remains neutral. Buyers continue to be active, although a bit more selective. Sellers are adjusting to a pre-Covid market where properties take longer to sell. Condos specifically are facing some challenges due to sharp increases in insurance and HOA dues. Keen observers of the real estate market will be carefully monitoring mortgage interest rates, which are forecasted to decline, and the impact they will have on the overall market.

Brief Overview:
Island of Hawaii Unit Sales Stats for July 2024 VS. July 2023

TOTAL SALES
Single Family Homes – Total sales of 175 single family homes marks an increase of 16% in comparison to July 2023.
Condos – 50 total sold – up 14% from 2023 numbers.
Land – 153 total sales of land offerings representing an increase of 6% when compared against 2023 sales for July.

NEW LISTINGS
Single Family Homes – 201 new listings for July 2024. Up 11% from previous year.
Condominiums – 70 new condo listings for July 2024. Up 52% from July 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$580,000 in July 2024. An increase of 17% over median prices from July 2023.
Days on Market:
28 days on market for July 2024 – an increase of 4% from July 2023.

Condominium Specific Stats:
Median Sales Price:
$705k in July 2024. Up 10% from July.
Days on Market:
17 median days on market in July 2024.  Down by 19% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing an increase of 1% in median price over July 2023.
Days on Market:
33 Days on Market for land sold in July 2024.  A decrease for days on market of 40%.

Written by Rick Oliver on August 6, 2024
Posted in: Blog, Real Estate |