Market Update – February 2024

Overall, real estate sales activity on the Big Island continues to increase, with total sales for single-family homes and condos rising for the third consecutive month. This surge has been accompanied by rising median sales prices and shorter days on the market. Median sales prices for single-family homes in various areas include: Kona at $1.2M, Kohala at $1.1 M, Hilo at $580K, and Puna at $349K. With mortgage interest rates holding steady, buyers are increasingly embracing higher price points and exercising their negotiation strengths, as evidenced by 58% of properties selling below list price.

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

Single Family Homes – Total sales of 168 single family homes marks an increase of 32% units in comparison to February 2023.
Condos – 42 total sold – down 13% from 2023 numbers.
Land – 171 total sales of land offerings representing an increase of 50% when compared against 2023 sales for February.

Single Family Homes – 179 new listings for February 2024.  Down 6% from previous year.
Condominiums – 53 new condo listings for February 2024. Down 29%

Single Family Homes Specific Stats:
Median Sales Price:
$501,000 in February 2024. An increase of 9% over median prices from February 2023.
Days on Market:
27 days on market for February 2024 – a decrease of 34% from February 2023.

Condominium Specific Stats:
Median Sales Price:
$688k in February 2024. Up 20% from February 2023.
Days on Market:
12 median days on market in February 2024.  Down by 11% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$46,000 representing an increase of 3% in median price over February 2023.
Days on Market:
54 Days on Market for land sold in February 2024.  A decrease for days on market of  32%.