March Real Estate Market on the Big Island 2023

Posted by Annette Mejia on Wednesday, April 12, 2023 at 4:46 AM By Annette Mejia / April 12, 2023 Comment

The residential real estate market on the Big Island of Hawaii has experienced a significant decline in both the number of sales and total dollar volume. Compared to the same period in 2022, the number of residential sales has decreased by 42%, while the total dollar volume has decreased by 43%. Interestingly, despite the decrease in sales and total dollar volume, the median sales price has remained relatively stable.

On the other hand, the condo market has also experienced a decline in the number of sales, but the median sales price has increased by 8%. Specifically, the number of condo sales has dropped by 40%, and the total dollar volume has decreased by 34% compared to 2022 YTD.

When it comes to location, the Puna area has emerged as the most active region, with 43% of all transactions taking place there. This could be attributed to the lower housing prices in this area compared to other parts of the island.

Overall, the current real estate market on the Big Island of Hawaii is experiencing a slowdown in sales and total dollar volume for both residential and condo properties. However, the stable median sales price and the increase in condo median sales price could indicate a market correction, which may present opportunities for buyers who are looking to purchase property on the island.