September 2023 Big Island Market Update

Market updateThe Big Island features diverse markets that each have their own unique conditions. If you are looking for a general market update on the island for September 2023, we have the data you need. 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 SEPTEMBER 2023

There was a slight decrease in overall sales of single family homes when comparing September 2022 to September 2023, decreasing from $155,899,394 to $120,711,056 (a 23% decrease) and vacant lot sales decreased by about half between September 2022 and September 2023. Condo sales however, totaled $50,537,608 in September 2023, a 6% increase from the year before. 

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

There were 122 single family homes listed for sale in September 2023, a 21% decrease from the 154 in September of 2022. Remember that this average does not fully represent the diverse and dynamic markets across the island. 

SINGLE FAMILY HOMES SOLD ON THE BIG ISLAND IN SEPTEMBER 2023

There were 2,107 single family homes sold on the Big Island in September 2023. This is about a 30% decrease from September of 2022, though in some markets we saw a much less significant decrease. For example, in Ka'u there was only a 17% decrease.

MEDIAN SALES PRICE OF SINGLE FAMILY HOMES IN SEPTEMBER 2023

The median sales price for single family homes on the Big Island has remained virtually constant in comparison to September of last year, with an identical average among all markets and a range of -17% to 22% across the island's diverse communities. The average median sales price on the Big Island for single family homes in September 2023 was $500,000.

NEW CONDO LISTINGS ON THE BIG ISLAND IN SEPTEMBER 2023

There were 24 condos listed for sale on the Big Island in September 2023. This is about the same as last year, when 27 condos were listed in September 2022. 

CONDOS SOLD ON THE BIG ISLAND IN SEPTEMBER 2023

While there was an overall decrease of about 27% in the number of condos sold on the Big Island when comparing September 2023 to September 2022, this average does not represent the full picture. For example, in South Kona there was a 150% increase in the number while in South Hilo there was a 30% decrease. Once again, we see the diversity among Big Island markets coming into play with the data. 

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

There was a slight increase in the median sales price of Big Island condos in September 2023, about 3% up from September 2022. The current median sales price for Big Island condos is $593,750. 

NEW VACANT LAND LISTINGS ON THE BIG ISLAND IN SEPTEMBER 2023

137 vacant land listings hit the market last month, compared to 164 vacant land listings in September 2022. This is a subtle decrease, though some markets saw an increase in vacant land listings. 

VACANT LAND SOLD ON THE BIG ISLAND IN SEPTEMBER 2023

There were 1,529 vacant lots sold on the Big Island in September 2023, which is down 31% from September 2022 when 2,217 were sold. North Hilo saw the most dramatic decrease in the year, down 64%. 

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

The median sales price of vacant land sold in September 2023 on the Big Island was $42,000, only a slight decrease from the $45,000 median in September 2022. This data point does not give a full picture, however, as the diverse markets on the Big Island varied from a 28% decrease to a 55% increase in the median sales price. 

Ready to learn more about homes for sale on the Big Island or one of the specific markets here? Contact us any time. 

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