The Big Island real estate market ended February as a mixed bag. Residential home sales hit 10-year lows with only 127 closed transactions as properties are now taking three times longer to sell (41 days) compared to the same time last year (12 days). Condos on the other hand have seen an uptick in sales activity with units going into escrow in just 14 days. When reviewing Big Island market stats be sure to consider neighborhood-specific stats as the overall median price for a single-family home is $460K, while a more detailed view reflects median prices of $899K in Kona and $465K in Hilo.

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

TOTAL SALES
Single Family Homes – Total sales of 127 single family homes marks a decrease of 44% units in comparison to February 2022.
Condos – 48 total sold – down 44% from 2022 numbers.
Land – 114 total sales of land offerings representing a decrease of 46% when compared against 2022 sales for February.

NEW LISTINGS
Single Family Homes – 147 new listings representing 45% fewer new home listings over February 2022.
Condos – 57 units in February 2023, off by 27% from previous year.

Single Family Homes Specific Stats:
Median Sales Price:
$460,000 in February 2023. A decrease of 11% over median prices from February 2022.
Days on Market:
41 days on market for February 2023 – a 193% increase from February 2022.

Condominium Specific Stats:
Median Sales Price:
$554k in February 2023. Up 2% from same period in 2022.
Days on Market:
14 days on median average in February 2023. An increase change of 125% .

Vacant Land Specific Stats:
Median Sales Price:
$45,000 with an increase of 13% in median price over February 2022.
Days on Market:
80 Days on Market for land sold in February 2023.

Written by Rick Oliver on March 7, 2023
Posted in: Blog, Real Estate |