February 2023 Market Update on the Big Island

February 2023 Market UpdateAre you looking for an update on the market conditions on the Big Island? We've got you covered. Keep reading for a brief summary of the market conditions in January, and contact us any time to learn more about a specific market on the Big Island

MEDIAN SALES PRICE FOR SINGLE FAMILY HOMES ON THE BIG ISLAND

The median sales price for single family homes on the Big Island was down about 2% from January 2022, from $536,500 to $529,500. This 2% decrease from year to year is the average among a diverse array of Big Island real estate markets, where the change in median sales price ranges from -20.41% to 30.73%. This is not taking into account North Hilo, where the median sales price for a single family home was up nearly 700% from January 2022, which is a unique scenario. 

CLOSED SALES FOR SINGLE FAMILY HOMES ON THE BIG ISLAND

Across all markets on the Big Island, there was a 39% decrease in the number of closed sales from January 2022 to January 2023. In January 2022, there were 222 single family homes sold on the Big Island, and last month we saw 134 single family homes sold. 

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

In January 2023, there were 140 new listings for single family homes on the Big Island. This is almost equal to the new single family home listings in January 2022, which totaled  143.

MEDIAN SALES PRICE FOR CONDOS ON THE BIG ISLAND

We saw a dramatic increase in the median sales price for condos on the Big Island from January 2022 to January 2023. Up 23% from the median sales price of $500,000 in January 2022, the median condo sales price on the Big Island in January 2023 was $615,000.

CLOSED SALES FOR CONDOS ON THE BIG ISLAND

There were 35 condos sold on the Big Island in January 2023. Compared to January 2022, this data point is down by nearly 50% from 69 condos sold. As in every category, this number varies some among individual markets, with a decrease between 45% and 70%.

NEW CONDO LISTINGS ON THE BIG ISLAND IN JANUARY 2023

There were 40 new condo listings on the Big Island in January 2023. When compared to the 28 new condo listings on the Big Island in January 2022, this is a 30% increase.

MEDIAN SALES PRICE FOR VACANT LAND ON THE BIG ISLAND

There was a 6% increase in the median sales price for vacant land on the Big Island from January 2022 to January 2023. In January 2022, the median sales price for vacant land on the Big Island was $47,000, and it was $50,000 in January 2023. Keep in mind that the change in median sales price across Big Island markets ranged significantly over the year, from -59% in Ka'u to 46$ in Puna.

CLOSED SALES FOR VACANT LAND ON THE BIG ISLAND

There were 105 closed sales for vacant land in January 2023, compared to 233 closed vacant land sales in January 2022. In some markets, like Ka'u and South Kohala, the number of vacant properties sold stayed virtually the same from January 2022 to January 2023. In other markets, like North Hilo and South Kona, there was a dramatic decrease of over 75%. 

NEW VACANT LAND LISTINGS ON THE BIG ISLAND IN JANUARY 2023

Last month, we saw 144 new vacant land listings on the Big Island. This is about 25% lower than in January 2022, when there were 190 new vacant land listings.  

Don't forget that various regions on the Big Island each have their own unique real estate market, with changes that may or may not reflect the average of the island as a whole. If you are curious about the market conditions of a specific area on the island or wondering where you should buy and sell on the Big Island, we can help. Contact us any time to learn more!

Contact Us

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Post a Comment