Big Island Real Estate Market Update: December 2023 Market Overview
The number of single-family homes sold in December increased slightly from the number of homes sold in November, from 137 to 140, respectively.
When compared to December of last year we saw an 8.5% decrease in home sales. Homes stayed on the market for an average of 41 days, compared to 56 days this time last year. The median sales price on Hawaii Island increased from $499,000 in November 2023 to $550,000 in December 2023. This also represents a 19% increase when compared to December 2022.
There were 30 condos sold in December, matching the units sold in the previous month of November. Condo listings stayed on the market for an average of 28 days in December, a small decrease when compared to 31 days in the previous month of November. Last year at this time condos stayed on the market for an average of 38 days. The median sales price for condos in December 2023 was $598,500, which is an increase from November 2023, when the median sales price was $530,750.
Land sales remained similar last month when compared to the previous month of November and we saw no change in sales volume when compared to last year at this time. Land listings remained on the market for an average of 102 days in December, compared to 87 days last year at this time. The median sales price for land went up slightly from $43,000 in the previous month of November to $45,000 in December.
While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately. Reach out to your Realtor for more information about the current market!