March 2023 Market Update on the Big Island
Curious about 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 at the end of February 2023, 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
In February 2023, the median sales price for single family homes on the Big Island was $490,000, down 7% from the previous month. There has been a subtle downward trend in the median sales price on the Big Island in recent months, but there is some variation in specific markets. North Hilo, North Kohala, South Kona, and Ka'u all saw signifncant increases in the median sales price for single family homes February last year to February this year.
CLOSED SALES FOR SINGLE FAMILY HOMES ON THE BIG ISLAND
There were 266 closed sales on single family homes on the Big Island in February 2023, which is 41% less than the number of closed sales on single family homes in Feberuary 2022. This data is consistent with what we expect with an overall slowing in the market, but still represents a healthy demand even as the market becomes more balanced.
MEDIAN SALES PRICE FOR CONDOS ON THE BIG ISLAND
The median sales price for condos on the Big Island in February 2023 was $585,000. This is a signficant increase, 15% higher than the median sales price for condos in Febraury 2022. Condos saw the most dramatic increase in median sales price among different property types on the Big Island from February 2022 to February 2023, perhaps representing an increased demand for Big Island condos this year.
CLOSED SALES FOR CONDOS ON THE BIG ISLAND
There were 85 closed sales on Big Island condos last month. Compared to the 154 closed condo sales in February 2022, this is a significant decrease of 45%. We are seeing steady demand for condos, but a slowing down in the speed of transactions that is allowing a bit more time to make decisions.
MEDIAN SALES PRICE FOR VACANT LAND ON THE BIG ISLAND
Vacant land on the Big Island had a median price of $45,000 in February 2023. This is a subtle increase of about 7% from the median sales price of $42,000 for vacant land on the Big Island in February 2022. Among all of the diverse markets on the Big Island, there is a signficant range of change between the median price last year and this year, ranging from a 66% decrease to a 206% increase.
CLOSED SALES FOR VACANT LAND ON THE BIG ISLAND
There were 223 closed sales of vacant land on the Big Island in February 2023. This is a decrease of 50% from the 449 closed vacant land sales in February 2022. There are still many buyers in the market for vacant land on the Big Island, but demand has slowed this year to a more balanced pace.
Remember, each of the diverse regions on the Big Island 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 or wondering where you should buy and sell on the Big Island, we can help. Contact us any time to learn more!