The Big Island real estate market is finding its footing at pre-pandemic demand levels as median days on the market and total sales return to 2018-2020 ranges. Two consecutive months of increased sales activity are in line with previously established seasonality trends of higher sales activity in the summer months. A deeper dive into prices shows strong demand for West Hawaii with median prices for single-family homes holding the $1 million mark and a slight softening for East Hawaii with median prices at $350K.

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

TOTAL SALES
Single Family Homes – Total sales of 160 single family homes marks a decrease of 33% units in comparison to April 2022.
Condos – 60 total sold – down 31% from 2022 numbers.
Land – 164 total sales of land offerings representing a decrease of 37% when compared against 2022 sales for April.

NEW LISTINGS
Single Family Homes – 158 new for April 2023. Down 48%.                                                                                                     Condominiums – 55 new for April 2023. Down 21%.

Single Family Homes Specific Stats:
Median Sales Price:
$448,000 in April 2023. A decrease of 13% over median prices from April 2022.
Days on Market:
45 days on market for April 2023 – a 221% increase from April 2022.

Condominium Specific Stats:
Median Sales Price:
$547k in April 2023. Down 21% from same period in 2022.
Days on Market:
23 days on median days on market in April 2023. An increase change of 283% .

Vacant Land Specific Stats:
Median Sales Price:
$40,000 representing a decrease of 11% in median price over April 2022.
Days on Market:
56 Days on Market for land sold in April 2023.

Written by Rick Oliver on June 23, 2023
Posted in: Blog, Real Estate |