Read the Hawaii Island Real Estate Market! The Hawaii Island real estate market is experiencing off-season factors, with sales and pricing resembling a steady plateau or leveling off in January 2023.
READ HAWAII ISLAND JANUARY 2023 MARKET REPORT
The Hawaii Island real estate market is experiencing off-season factors, with sales and pricing resembling a steady plateau or leveling off in January 2023. However, according to market experts, the economy remains stable and Hawaii tourism is almost back to pre-pandemic levels. When we compare the real estate market to this time last year, we see drastic decreases in the number of home sales and the number of new listings. There has been a 45% decrease in the number of single-family home and condo sales in North Kona. For the entire island, the number of new listings has decreased by over 30% when compared to this time last year, dropping from 306 new listings last year in January to 191 this past January.
The number of sales dipped slightly lower last month, down from 153 single-family homes sold in December to 135 single-family homes sold in January 2023. This represents a decrease of 39% when compared to this time last year. The average number of days on the market in January 2023 for single-family homes was 61 days, which is up slightly from 56 days in December 2022, representing a dramatic increase of 56% when compared to last year at this time. The median sales price on Hawaii Island decreased from increased from $462,000 in December 2022 to $539,000 in January 2023. This represents a 9% increase when compared to January 2022.
There were 37 condos sold in January 2023, down just two units when compared to December 2022. This represents a decrease of 46% when compared to last year at this time. Condo listings stayed on the market for an average of 37 days last month, an increase of just one day compared to December 2022. Condos are staying on the market for almost twice as long when compared to this time last year. The median sales price for condos in January 2023 was $635,500, an increase from December when the median sales price was $610,000. Condo prices have increased by 27% year to date compared to this time last year.
There were 107 land sales in January 2023, a decrease compared to the 132 sales sold in December 2022. This represents a decrease of 54% when compared to this time last year.
Land listings remained on the market for an average of 93 days in January, compared to 89 days in December 2022. The median sales price for land in January 2023 was $50,000 which is up from $46,000 in December 2022. There is only a 6% increase compared to last year.