The Hawaii Island real estate market experienced notable changes in several districts. Dive into the market changes below!
READ HAWAII ISLAND JUNE 2023 MARKET REPORT
The Hawaii Island residential real estate market experienced notable changes in several districts. In the Hamakua district, the median price increased from $515,000 in May to $695,000 in June, with a rise in the average days on market (DOM) from 48 to 76 respectively. Meanwhile, North Kona witnessed a decrease in the median price, dropping from $1,379,500 in May to $1,245,000 in June, and an increase in average DOM, going from 52 days in May to 55 June.
In the condo market, the North Kona district experienced a rise in the median sales price, increasing from $550,000 in May to $556,000 in June, and the average days on market, dropping from 53 to 27 respectively. On the other hand, the South Kohala district reported a decrease in the median price as compared to the previous month, lowering from $1,167,500 to $927,250, accompanied by a decrease in the average DOM, reducing from 54 to 41.
In terms of land sales, the Puna district observed no changes in the median sales price in comparison to the previous month, while experiencing a slight increase in the average DOM, rising from 96 to 103. Moreover, the South Hilo district reported an increase in the median sales price, rising from $297,500 to $350,000, and the average DOM, reducing from 150 to 70. However, the South Hilo district also showed an improvement in the list-to-sold price ratio, rising from 95.54 to 79.00.
Overall, these changes indicate varying market conditions across different districts of Hawaii Island. The Hamakua and North Kona residential markets displayed contrasting trends in prices and average DOM, while the North Kona and South Kohala condo markets showed shifts in median prices and average days on market.