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%.

Single Family Homes Specific Stats:
Median Sales Price:
$515,000 in June 2023. An increase of 7% over median prices from June 2022.
Days on Market:
32 days on market for June 2023 – a 190% increase from June 2022.

Condominium Specific Stats:
Median Sales Price:
$600k in June 2023.
Days on Market:
12 median days on market in June 2023. An increase change of 71% .

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing a decrease of 18% in median price over June 2022.
Days on Market:
46 Days on Market for land sold in June 2023.

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