Much like in previous years, September was one of the slowest months for real estate sales. However, median prices ticked upward as buyer activity picked up across the island. Although it may feel like properties are taking longer to sell compared to recent memory, days on the market are actually trending downward, with properties selling within three weeks. Buyers should be ready to act, as early signs of lower mortgage interest rates have driven pending sales to recent highs, with 377 properties currently under contract.

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

TOTAL SALES
Single Family Homes – Total sales of 143 single family homes marks decline of 7% in comparison to September 2023.

Condos – 27 total sold – down 50% from 2023 numbers.
Land – 109 total sales of land offerings representing a decrease of 34% when compared against 2023 sales for September.

NEW LISTINGS
Single Family Homes – 176 new listings for September 2024. Down 19% from previous year.
Condominiums – 45 new condo listings for September 2024. Down 6% from September 2023.

Single Family Homes Specific Stats:
Median Sales Price:
$560,000 in September 2024. An increase of 5% over median prices from September 2023.
Days on Market:
22 days on market for September 2024 – a decrease of 33% from September 2023.

Condominium Specific Stats:
Median Sales Price:
$719k in September 2024. Median prices up by 21% from September 2023.
Days on Market:
19 median days on market in September 2024.  Up by 52% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$53,000 representing an increase of 5% in median price over September 2023.
Days on Market:
49 Days on Market for land sold in September 2024.  An increase for days on market of 11%.

Written by Rick Oliver on October 7, 2024
Posted in: Blog, Real Estate |