As summer comes to an end the Big Island real estate market continues to cool as sales activity returns to pre-pandemic levels. Even though the total number of transactions were down 30% year over year, median sales price remained flat. With interest rates nearing 7%, buyers are not particularly motivated to purchase while sellers who locked in 2.75% - 3.5% mortgages or paid cash are even more unlikely to sell anytime soon. Brief Overview: Island of Hawaii Unit Sales Stats for October 2022 VS. October 2021 TOTAL SALES Single Family Homes – Total sales of 180 single family homes marks a decrease of 31% units in comparison to October 2021. Condos – 46 total sold is down 44% from previous 2021 numbers. Land – 179 total sales of land offerings representing a decrease of 24% when compared against 2021 sales for October NEW LISTINGS Single Family Homes – 201 new listings. Condos – 45 units in October 2022 Single Family Homes Specific Stats: Median Sales Price: $510,000 in October 2022. An increase of 6% over me...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
Comments Off on Market Update October 2022

Sales on the Big Island have certainly slowed as there were only 244 total single-family home and condo sales in September 2022, down 47% from the peak of 456 combined sales in March 2021. Prior to the pandemic, total sales activity ranged from 200-260 sales per month, so the current decline is in line with normal levels. Even though properties are taking nearly two weeks longer to sell, prices are holding strong. Brief Overview: Island of Hawaii Unit Sales Stats for September 2022 VS. September 2021 TOTAL SALES Single Family Homes – Total sales of 198 single family homes marks a decrease of 27% units in comparison to September 2021. Condos – Down 44% in sales. 46 total sold. Land – 172 total sales of land offerings representing a decrease of 28% when compared against 2021 sales for September NEW LISTINGS Single Family Homes – 213 units with a 21% decrease over previous 2021 period. Condos – Down 45% for new listings. 44 units in 2022 Single Family Homes Specific Stats: Median Sales Price: $538,000 in Sep...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
Comments Off on Market Update September 2022

The Big Island real estate market is following national and statewide trends as sales activity decreased 25% year over year with only a slight increase from August (243) to August (257). Other key indicators including median sales prices remained relatively flat as both buyers and sellers continue to let the macro economic market conditions play out. Brief Overview: Island of Hawaii Unit Sales Stats for August 2022 VS. August 2021 TOTAL SALES Single Family Homes – Total sales of 200 single family homes. Down 25% compared to August 2021. Condos – Down 37% in sales. 57 total sold. Land – 193 total sales of land offerings representing a decrease of 29% when compared against 2021 sales for August NEW LISTINGS Single Family Homes – 214 units with a 29% decrease over previous 2021 period. Condos – Down 46% for new listings. 43 units in 2022 Single Family Homes Specific Stats: Median Sales Price: $484,000 in August 2022 a slight decrease of 2% over median prices from August 2021. Days on Market: 22 days on mar...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
Comments Off on Market Update August 2022

Buyers are regaining control on the Big Island as median sales prices continued their decline from recent highs while days on market increases. Since July 1st, of the 678 combined single-family homes and condos listed for sale, 21.6% have seen a price reduction. Properties that are priced accordingly and present well are continuing to sell quickly. Brief Overview: Island of Hawaii Unit Sales Stats for July 2022 VS. July 2021 TOTAL SALES Single Family Homes – Down 31% in sales - totaling 180 units. July 2021 saw 261 sales. Condos – Down 23% in sales. 63 total closed. Land – 211 total sales of land offerings representing a decrease of 27% when compared against 2021 sales for July. NEW LISTINGS Single Family Homes – Down 7% with 238 units. Condos – Down 15% for new listings. 60 units in 2022 Land – Down 17%. 256 vs. 310 for 2021. Single Family Homes Specific Stats: Median Sales Price: $456,000 in July 2022 an increase of 7% over median prices from July 2021. Days on Market: 19 days on market for July 20...

Filed under: Blog, Newsletter, Real Estate by Rick Oliver
Comments Off on Market Update July 2022

View the 2nd quarter Market Summary for 2022 ↓ Click Here ↓

Filed under: Real Estate by Rick Oliver
Comments Off on Q2 Market Summary 2022

Overall market activity on the Big Island is showing signs of slowing as total sales declined -12% for single-family homes and -22% for condos year over year. Even though sales are down, prices remain near recent highs as competitively priced properties continue to sell quickly. Given the Big Island's vast size and geographic diversity, it is important to review data specific to each market area as median sales prices range from $300K to over $1 million. Brief Overview: Island of Hawaii Unit Sales Stats for June 2022 VS. June 2021 TOTAL SALES Single Family Homes – Down 12% in sales - totaling 246 units. Condos – Down 22% in sales. 83 total closed. Low Inventory levels, higher borrowing costs and elevated list prices are all factors. Land – 224 total sales of land offerings representing an increase of 30 units (+12%) when compared against 2021 sales for June. Land continues to offer value where buyers will build a home eventually at a lower combined cost than buying an improved lot with house. NEW LISTINGS Single Fa...

Filed under: Real Estate by Rick Oliver
Comments Off on Market Update June 2022

Year to date, the Big Island real estate market has remained very consistent with little fluctuation in total sales, median sales price and days on market. Island-wide, the median sales price for condos ($567K) surpassed single-family homes ($523K) in May 2022, with a 26% increase in price compared to this time last year, and with 13% fewer total sales (94) for the month. Given its vast size, it's important to consider the neighborhood level nuances whether you plan to buy or sell here. Brief Overview: Island of Hawaii Unit Sales Stats for May 2022 VS. May 2021 Single Family Homes – Down only 1% in total sales - totaling 256 units. Condos – Down 42% in sales. 94 total closed. Land – 287 total sales of land representing an increase of 30 units (+12%) when compared against 2021 sales for that month. Single Family Homes Specific Stats: Median Sales Price: $523,000 in May 2022 an increase of 5% over median prices from May 2021.. Days on Market: 12 days on market for May 2022. Down 79% from May 2021 which saw 57...

Filed under: Blog, Hawaii Life, Real Estate by Rick Oliver
Comments Off on Market Update May 2022

I was recently recognized as one of the Hawaii Business Magazine’s Top 100 REALTORS in the State for 2021. I was also one of the Top Worldwide producers for Coldwell Banker where I earned and was awarded the International Award of Excellence placing me in the top 100 Brokers worldwide out of over 14,000 agents for the company. The Hawaii Business Magazine award confirms my production and that it was tops among the thousands of REALTORS in the State. I’m flattered by the awards but as we all know in the sales business, the sales cycle never ends, and it's more timing than any other factor that determines whether your sales close in a particular calendar year or not. In this case, it was perfect timing in 2021, where closings and opportunities met in the ideal sales "storm." Many mahalo's to my buyer and seller clients who blessed Lissette and myself with the opportunity to serve their needs. It makes us both happy when all parties are pleased with the financial aspects of the sales process as well as the positive, interperso...

Filed under: Accolades, Real Estate by Rick Oliver
Comments Off on Hawaii Business Magazine

The Big Island real estate market held steady as median sales prices increased 9% year over year for single-family homes ($517,000} and 45% for condos ($689,900}. Across the island, a lack of available properties for sale continues to fuel buyers' demand as properties continue to sell as quickly as they come on the market. Brief Overview: Island of Hawaii Unit Sales Stats for April 2022 VS. April 2021 Single Family Homes – Down 17% in total sales - totaling 238 units. Condos – Down 42% in sales. 87 total closed. Land – Only 261 total sales of land representing a decrease of 25% when compared against 2021 sales. Single Family Homes Specific Stats: Median Sales Price: $517,000 in April 2022 an increase of 8% over median prices from April 2021.. Days on Market: 40 days on market for April 2022. Down 17% from previous year. Condominium Specific Stats: Median Sales Price: $690k in April 2022. An increase year over year of 42% from 2021. Days on Market: 17 days on average in April 2022. A change of min...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update April 2022

The Big Island continues to face inventory challenges as indicated by several key metrics. With a lack of properties for sale, total sales were down -10% for single-family homes (SFH) and -40% for condos compared to the same time last year. While sales may have dropped, median sales prices continue to ascend higher as SFH increased 26% to $517,500 and condos increased 30.3% to $650,000. Across the island properties are selling in just under 10 days! Brief Overview: Island of Hawaii Unit Sales Stats for March 2022 VS. March 2021 Single Family Homes – Down 12% in total sales - totaling 283 units. Market remains supply restricted. Condos – Down 40% in sales. 83 total closed. Market is supply restricted. Again, no surprise. Land – Increased to 318 total  representing an increase of 5%. This shows positive unit growth in 2022 versus 2021. Single Family Homes Specific Stats: Median Sales Price: $515,000 in March 2022 an increase of 25% over median prices from March 2021. Days on Market: 31 days on market for M...

Filed under: Blog, Real Estate by Rick Oliver
Comments Off on Market Update March 2022