Check out the Hawaii Island Real Estate Market Update for February 2023!
READ HAWAII ISLAND FEBRUARY 2023 MARKET REPORT
Last month, we saw the number of sales continue to drop for single-family homes and land sales, but it increased slightly for condos on Hawaii Island. Dropping from 135 single-family homes sold in January 2023 and 129 single-family homes sold in February 2023. This represents a decrease of 43% when compared to this time last year. The average number of days on the market in February 2023 for single-family homes was 61 days for the second month in a row, a 36% increase compared to last February. The median sales price on Hawaii Island decreased from $539,000 in January 2023 to $459,500 in February 2023. This represents a 10% decrease when compared to February 2022.
There were 48 condos sold in February 2023, which is up from 37 units sold in January 2023. Condo listings stayed on the market for just 31 days on average, a decrease of 44% when compared to this time last year. Last year at this time condos were moving at a similar pace, staying on the market for an average of 29 days. North Kona condos stayed on the market for an average of 26 days. The median sales price for condos in February 2023 was $580,000, an increase from January when the median sales price was $482,500. Condo prices have increased by 2% when compared to this time last year. Condos in South Kohala sold for $889,000 which is the highest market for condos on Hawaii Island. North Kona condos sold for a median sales price of $580,000.
There were 115 land sales in February 2023, a decrease compared to the 109 sales sold in January 2023. This represents a decrease of 47% when compared to this time last year. Land listings remained on the market for an average of 145 days in January, compared to 95 days in January 2023. The median sales price for land in February 2023 was $45,000 for the second month in a row. This represents a 14% increase when compared to this time last year.
Be sure to connect with a LUVA Realtor to discuss the best selling or buying strategy for your real estate needs!