Slower market conditions persisted in November, with days on market increasing for both single-family homes and condos. Other key market indicators remained steady and consistent with previous months. The median sales price of a single-family home along West Hawaii Island was $1,110,000, while East Hawaii Island reached a new high of $467,500. Serious buyers remain active, presenting opportunities for well-prepared sellers. Those selling or considering selling should remain patient, as extended days on market have allowed buyers to price compare properties while regaining some negotiating leverage, fostering a balanced market environment.

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

TOTAL SALES
Single Family Homes – Total sales of 153 single family homes marks an increase of 19% in comparison to November 2023.
Condos – 45 total sold – up 61% from 2023 numbers.
Land – 124 total sales of land offerings representing an increase of 2% when compared against 2023 sales for November.

NEW LISTINGS
Single Family Homes – 177 new listings for November 2024. Down 22% from previous year.
Condominiums – 76 new condo listing for November 2024. Up 31% from November 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$550,000 in November 2024. An increase of 10% over median prices from November 2023.
Days on Market:
41 days on market for November 2024 – a decrease of 5% from November 2023.

Condominium Specific Stats:
Median Sales Price:
$650k in November 2024. Median prices up by 22% from November 2023.
Days on Market:
43 median days on market in November 2024.  Up by 617% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing an increase of 13% in median price over November 2023.
Days on Market:
38 Days on Market for land sold in November 2024.  An increase for days on market of 27%.

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