A slowdown in sales activity couldn’t stop the Big Island real estate market from setting a record high, with median sales prices reaching $642,000 in June and 23% of properties sold above asking price. Unexpectedly, total sales for condos plummeted to 32 sales in June, down from 72 sales in June, a 56% decline. Looking ahead to the second half of 2024, expect some bumps in the overall housing market as consumer confidence wavers and a decision on rate cuts looms. Regardless of whether you plan to buy or sell, opportunities in the market continue to present themselves.

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

TOTAL SALES
Single Family Homes – Total sales of 155 single family homes marks a decrease of 22% in comparison to June 2023.
Condos – 32 total sold – down 59% from 2023 numbers.
Land – 125 total sales of land offerings representing a decrease of 35% when compared against 2023 sales for June.

NEW LISTINGS
Single Family Homes – 159 new listings for June 2024. Down 35% from previous year.
Condominiums – 70 new condo listings for June 2024. Down 17%.

Single Family Homes Specific Stats:
Median Sales Price:
$642,000 in June 2024. An increase of 25% over median prices from June 2023.
Days on Market:
35 days on market for June 2024 – an increase of 11% from June 2023.

Condominium Specific Stats:
Median Sales Price:
$564k in June 2024. Down 6% from June 2023.
Days on Market:
12 median days on market in June 2024. Down by 17% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$40,000 representing an decrease of 11% in median price over June 2023.
Days on Market:
24 Days on Market for land sold in June 2024.  A decrease for days on market of 48%.

Written by Rick Oliver on July 9, 2024
Posted in: Blog, Real Estate |