The Big Island real estate market is heating up as summer approaches. For five consecutive months, there has been an increase in total sales, with buyers continuing to purchase properties in less than 30 days. Properties at the higher end of sales prices in neighborhoods are selling, but at a slower pace. Most notably, condos set a new record median sales price reaching $785,000 in April, driven higher by the 6 closings at Hale Hinahina in Kohanaiki, which had an average sales price of $4.8M and 29 total condos sold above $1 million.

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

TOTAL SALES
Single Family Homes – Total sales of 177 single family homes marks an increase of 11% in comparison to April 2023.
Condos – 73 total sold – up 22% from 2023 numbers.
Land – 158 total sales of land offerings representing a decrease of 4% when compared against 2023 sales for April.

NEW LISTINGS
Single Family Homes – 175 new listings for April 2024. Down 13% from previous year.
Condominiums – 63 new condo listings for April 2024. Down 9%.

Single Family Homes Specific Stats:
Median Sales Price:
$533,000 in April 2024. An increase of 19% over median prices from April 2023.
Days on Market:
27 days on market for April 2024 – a decrease of 40% from April 2023.

Condominium Specific Stats:
Median Sales Price:
$785k in April 2024. Up 44% from April 2023.
Days on Market:
19 median days on market in April 2024.  Down by 17% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$45,000 representing an increase of 13% in median price over April 2023.
Days on Market:
35 Days on Market for land sold in April 2024.  A decrease for days on market of 37%.

Written by Rick Oliver on May 15, 2024
Posted in: Blog, Real Estate |