Market trends are similar to last month, with the number of sales down significantly and average days on the market considerably up compared to this time last year. Inventory remains low as well. While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately – however, this is occurring less when compared to this time last year.
In May 2023, the real estate market on Hawaii Island showcased an array of opportunities for buyers and investors. For residential homes, we saw a total of 188 sales which is down from 271 sales when compared to this time last year. In the picturesque Hamakua district, three properties were sold, amounting to $2.5 million in sales volume. Meanwhile, the serene Kau district witnessed a surge in activity (compared to this time last year) with 26 homes changing hands and generating over $10 million in revenue. North Kona remains a hot spot for homebuyers, as 34 properties were sold last month and a new record median high sales price of $1,379,500 was recorded.
North Kona once again took the lead for condo sales last month with 37 units sold, resulting in a total sales volume of over $30.5 a million—the median sales price for condos in Kona was $550,000. South Kohala saw 16 stunning condos sell, with a median sales price of $1.167,500. With picturesque landscapes and luxurious amenities, these condos offer an idyllic island lifestyle with many in a resort setting.
Looking at the Hawaii Island land market, the median sales price in May 2023 was $34,250, representing a 43% decrease when compared to this time last year. Puna district topped the list with 120 land units sold, and North Kona also exhibited a strong land market, with six properties sold at a median price of $687,500.
We continue to see similar trends when compared to April 2023 for the Hawaii Island real estate market. The number of sales remains well under what we saw in the summer of 2022 and the average number of days that properties tend to stay on the market is far greater than last year at this time (except for land sales which have seen less drastic slow down than home and condo sales). Inventory remains low, meaning that if a property is priced appropriately Sellers may encounter multiple offer situations. On the Buyer’s side, there are still great opportunities,