Median sales prices for single-family homes on the Big Island established a new record high at $558,000 in March, led primarily by the island’s west side (Kona and Kohala}. While the overall market showed signs of finding a bottom with regard to sales activity, days on market continue to increase as housing affordability and a perpetual lack of homes for sale put pressure on buyers and sellers alike.

Brief Overview:
Island of Hawaii Unit Sales Stats for March 2023 VS. March 2022

TOTAL SALES
Single Family Homes – Total sales of 160 single family homes marks a decrease of 43% units in comparison to March 2022.
Condos – 57 total sold – down 31% from 2022 numbers.
Land – 207 total sales of land offerings representing a decrease of 35% when compared against 2022 sales for March.

NEW LISTINGS
Single Family Homes – 188 new for March 2023.
Condos – 44 units in March 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$558,000 in March 2023. An increase of 8% over median prices from March 2022.
Days on Market:
51 days on market for March 2023 – a 321% increase from March 2022.

Condominium Specific Stats:
Median Sales Price:
$590k in March 2023. Down 9% from same period in 2022.
Days on Market:
14 days on median average in March 2023. An increase change of 180% .

Vacant Land Specific Stats:
Median Sales Price:
$47,000 representing a decrease of 12% in median price over March 2022.
Days on Market:
69 Days on Market for land sold in March 2023.

Written by Rick Oliver on April 17, 2023
Posted in: Blog, Real Estate |