The Big Island real estate market appears to be in a ‘wait-and-see’ mode as it relates to the November election. October’s sales activity showed slight signs of increase, while median prices softened alongside longer days on market. To succeed in this market, sellers must be mindful of their pricing strategy, while buyers can afford to be more aggressive, especially with properties that have been on the market longer. Cash buyers are still present, though they are few and far between. Finally, don’t get caught sleeping on Big Island real estate-as snowbirds start their migration back and with the possibility of improved economic conditions, this stalemate could loosen up quickly.

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

TOTAL SALES
Single Family Homes – Total sales of 166 single family homes marks decline of 2% in comparison to October 2023.
Condos – 41 total sold – down 11% from 2023 numbers.
Land – 160 total sales of land offerings representing an increase of 1% when compared against 2023 sales for October.

NEW LISTINGS
Single Family Homes – 6 new listings for October 2024. Down 98% from previous year.
Condominiums – 1 new condo listing for October 2024. Down 98% from October 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$545,000 in October 2024. A decrease of 2% over median prices from October 2023.
Days on Market:
29 days on market for October 2024 – an increase of 32% from October 2023.

Condominium Specific Stats:
Median Sales Price:
$615k in October 2024. Median prices up by 16% from October 2023.
Days on Market:
57 median days on market in October 2024.  Up by 65% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$50,000 representing an increase of 10% in median price over October 2023.
Days on Market:
43 Days on Market for land sold in October 2024.  A decrease for days on market of 3%.

Written by Rick Oliver on November 6, 2024
Posted in: Blog, Real Estate |