While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately.
The number of single-family homes sold in October remained similar to the number of homes sold in September, increasing from 163 to 172, but representing a decrease of 7.5% when compared to this time last year. Homes stayed on the market for an average of 55 days, compared to 46 days this time last year. The median sales price on Hawaii Island increased from $530,000 in September 2023 to $552,500 in October 2023. This also represents an 8.4% increase when compared to October 2022. In North Kona, the median sales price continues to rise, as it was $1,237,500 this month, compared to $1,137,500 this time last year.
There were 46 condos sold in October 2023, compared to 56 units sold in September 2023, representing a 15% increase compared to last year at this time. Similar to single-family homes, the average days on the market have increased significantly when compared to this time last year, from 25 days in October 2022 to 59 days in October 2023. The median sales price for condos in October 2023 was $528,750, down significantly from September 2023 when the median sales price was $620,000. Condos in South Kohala sold for $933,000, the highest market for condos on Hawaii Island. North Kona condos sold for a median sales price of $579,000, down significantly when compared to the previous month’s median sales price of $620,000.
Land sales dropped last month from 172 sales in September to 147 sales in October 2023. With land sales in October 2022 totaling at 190, we see a significant dip in sales volume when compared to last year at this time.
Land listings remained on the market for an average of 117 days in October 2023, compared with 86 days in October 2022. The median sales price for land in October 2023 was $45,000, down slightly from $50,375 in September 2023. This represents a 7.8% increase in median price when compared to this time last year.
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!