Market Update – May 2023

The Big Island real estate market was a mixed bag in May. Sales activity for single-family homes showed strong demand, with properties selling 12 days faster than the previous month. However, the days on the market continued to increase for condos, reaching 43 days compared to 33 days for single-family homes. Across the island, the lack of inventory for sale remains evident, as there were 34% fewer listings this month (268) compared to last year (407). On the Big Island, the real estate market often experiences increased activity throughout the summer months, so be on the lookout for more competition among both buyers and sellers.

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

Single Family Homes – Total sales of 187 single family homes marks a decrease of 27% units in comparison to May 2022.
Condos – 56 total sold – down 40% from 2022 numbers.
Land – 198 total sales of land offerings representing a decrease of 31% when compared against 2022 sales for May.

Single Family Homes – 214 new for May 2023. Down 30%.
Condominiums – 54 new for May 2023. Down 47%.

Single Family Homes Specific Stats:
Median Sales Price:
$495,000 in May 2023. A decrease of 5% over median prices from May 2022.
Days on Market:
33 days on market for May 2023 – a 175% increase from May 2022.

Condominium Specific Stats:
Median Sales Price:
$553k in May 2023. Down 3% from same period in 2022.
Days on Market:
46 days on median days on average in May 2023. An increase change of 550% .

Vacant Land Specific Stats:
Median Sales Price:
$33,000 representing a decrease of 47% in median price over May 2022.
Days on Market:
43 Days on Market for land sold in May 2023. A time on market increase of 105% from previous YTD.