Sales activity on the Big Island came to a standstill in November, with both single-family home and condo sales recording their lowest marks since May 2020. As a result, days on market climbed up to 35 days for residential properties. Keen observers of the market will notice an uptick in listings and escrows, suggesting a shift. With mortgage interest rates trending downward, it will be interesting to see how the year finishes, especially since median prices are only slightly higher compared to the same period last year.

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

TOTAL SALES
Single Family Homes – Total sales of 129 single family homes marks a decrease of 24% units in comparison to November 2022.
Condos – 28 total sold – down 7% from 2022 numbers.
Land – 121 total sales of land offerings representing an increase of 1% when compared against 2022 sales for November.

NEW LISTINGS
Single Family Homes – 174 new listings for November 2023. Down 14%.                                          Condominiums – 41 new condo listings for November 2023. Down 39%.

Single Family Homes Specific Stats:
Median Sales Price:
$499,000 in November 2023. An increase of 1% over median prices from November 2022.
Days on Market:
43 days on market for November 2023 – an increase of 16% from November 2022.

Condominium Specific Stats:
Median Sales Price:
$531k in November 2023. Up 12% from November 2022.                                                                      Days on Market:
6 median days on market in November 2023.  Down 56% from previous year..

Vacant Land Specific Stats:
Median Sales Price:
$40,000 representing an increase of 10% in median price over November 2022.
Days on Market:
30 Days on Market for land sold in November 2023.  A decrease for days on market of  9%.

Written by Rick Oliver on December 12, 2023
Posted in: Blog, Real Estate |