The Big Island real estate market is approaching a crossroads-total sales for single-family homes and condos approached 1 0-year lows with just 7 more sales in January 2023 compared to the low of 162 sales  in May 2019. With so little inventory for sale, median prices have continued to stay within the range of recent highs. With both buyers and sellers at a standstill, days on market have continued to climb month after month reaching 35 days in January up from just 13 days in July of last year.

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

TOTAL SALES
Single Family Homes – Total sales of 134 single family homes marks a decrease of 39% units in comparison to January 2022.
Condos – 35 total sold – down 49% from 2022 numbers.
Land – 105 total sales of land offerings representing a decrease of 55% when compared against 2022 sales for January.

NEW LISTINGS
Single Family Homes – 178 new listings representing 35% fewer new home listings over January 2022.
Condos – 54 units in January 2023, off by 42% from previous year.

Single Family Homes Specific Stats:
Median Sales Price:
$530,000 in January 2023. A modest decrease of 2% over median prices from January 2022.
Days on Market:
39 days on market for January 2023 – a 144% increase from January 2022.

Condominium Specific Stats:
Median Sales Price:
$615k in January 2023. Up 23% from same period in 2022.
Days on Market:
20 days on median average in January 2023. An increase change of 300% .

Vacant Land Specific Stats:
Median Sales Price:
$50,000 with an increase of 6% in median price over January 2022.
Days on Market:
46 Days on Market for land sold in January 2023.

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