Market Update – March 2024

Market activity on the Big Island closed out the first quarter with continued upward trends in overall sales and prices for both single-family homes and condos across the island in March. Notably, there was an all-time record-high median sales price for residential properties, reaching $579,500, while condos reached their second-highest median price at $673,000. Condo sales for March nearly doubled since the start of the year, reflecting a 2% increase year-over-year, while single-family home sales remained relatively unchanged at 149, compared to both the beginning of the year and the same period last year.

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

Single Family Homes – Total sales of 149 single family homes marks a decrease of 7% in comparison to March 2023.
Condos – 58 total sold – up 2% from 2023 numbers.
Land – 174 total sales of land offerings representing a decrease of 16% when compared against 2023 sales for March.

Single Family Homes – 143 new listings for March 2024.  Down 39% from previous year.
Condominiums – 65 new condo listings for March 2024. Up 23%.

Single Family Homes Specific Stats:
Median Sales Price:
$580,000 in March 2024. An increase of 4% over median prices from March 2023.
Days on Market:
32 days on market for March 2024 – a decrease of 37% from March 2023.

Condominium Specific Stats:
Median Sales Price:
$673k in March 2024. Up 14% from March 2023.
Days on Market:
12 median days on market in March 2024.  Down by 18% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$41,000 representing a decrease of 14% in median price over March 2023.
Days on Market:
55 Days on Market for land sold in March 2024.  A decrease for days on market of 20%.