December 2023 Big Island Market Update

December 2023The Big Island is made up of dyanmic and unique markets to consider, and this market update for December 2023 includes everything you need to know. For more information about a niche market or unique part of the island, contact us any time to learn more. We are happy to answer your questions. 

VOLUME SALES TOTALS ON THE BIG ISLAND IN DECEMBER 2023

There was an increase in volume sales in December 2023 when compared to December 2022. The total volume sales increased from $103,917,366 to $136,367,050 for single family homes and $19,522,499 to $21,763,282 for vacant land. The volume sales for condos did decrease subtly, from $30,500,200 in 2022 to $28,822,500 last month.  

NEW SINGLE FAMILY HOME LISTINGS ON THE BIG ISLAND IN DECEMBER 2023

In December 2023 there were 178 single family homes listed for sale. This is a significant jump from the 137 listed for sale in December of 2022, reflecting changes in the market. As we look across the Big Island's diverse markets, this average can't fully represent the market conditions but does give some helpful context.

SINGLE FAMILY HOMES SOLD ON THE BIG ISLAND IN DECEMBER 2023

There were 1,945 single family homes sold on the Big Island in December 2023, which is down significantly from December 2022 when there were 2,618 single family homes sold. This is a 26% decrease.

MEDIAN SALES PRICE OF SINGLE FAMILY HOMES IN DECEMBER 2023

The median sales price for single family homes on the Big Island in December 2023 was $509,000. This is close to the same data point in December 2022, which was an even $500,000. While some markets saw more dramatic changes in the median sales price, overall it remained roughly consistent.

NEW CONDO LISTINGS ON THE BIG ISLAND IN DECEMBER 2023

There were 50 condos were listed for sale on the Big Island in December 2023, which is a 32% decrease from December 2022.

CONDOS SOLD ON THE BIG ISLAND IN DECEMBER 2023

606 condos were sold on the Big Island in December 2023. When you compare this number to December 2022, you will see a significant decrease of about 24%. Remember, this is not a true representation of all markets, as some saw an increase in sales. 

MEDIAN SALES PRICE OF CONDOS ON THE BIG ISLAND IN DECEMBER 2023

The median sales price of a Big Island condo in December 2023 is up just slightly when compared to December 2022, from $572,500 to $580,000.

NEW VACANT LAND LISTINGS ON THE BIG ISLAND IN DECEMBER 2023

167 new vacant land listings on the Big Island in December 2023 represent a 12% increase from the 131 in December 2022. Keep in mind that vacant land is one of the most diverse categories of real estate with a dynamic market on the Big Island that all have their own statistics to consider, making it challenging to understand by looking only at an average. If you are looking for vacant land and information on a specific area, we are always here to help make sense of the market conditions. 

VACANT LAND SOLD ON THE BIG ISLAND IN DECEMBER 2023

There were 1,995 vacant land listings sold in December 2023, compared to 2,665 in December 2022. This is about a 26% decrease over the year.

MEDIAN SALES PRICE OF VACANT LAND ON THE BIG ISLAND IN DECEMBER 2023

We saw the median sales price for vacant land on the Big Island decrease about 5.5% from December 2022 to December 2023, from $45,000 to $42,500. Prices in this category range significantly because of the wide range of properties taken into consideration.

Understanding the real estate market on the Big Island takes a combination of the right information and the right team of professionals. With diverse markets and dynamic local markets throughout the island, the numbers alone won't give you everything you need to know. Contact us any time with your questions or to understand Big Island real estate in real time. We are here to help you find your dream property in Hawaii or sell your current Big Island home.

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