Big Island Monthly Real Estate Reports
Market trends are reminiscent of the previous month, exhibiting a notable decrease in the number of sales and a considerable increase in the average duration that properties remain on the market, in comparison to the same period last year. Additionally, the inventory continues to remain scarce. Although variations may exist across different neighborhoods, we observe that well-priced properties still generate swift sales accompanied by multiple offers, albeit to a lesser extent than during the corresponding period last year.
May 2023 Report
MEDIAN PRICES ON BIG ISLAND MIXED IN RELATION TO MAY 2022
Big Island’s median sale price trend in May 2023 is mixed, with the price of a home falling by 3% to $492,500 and the price of a condo remaining unchanged at $550,000 from the previous year.
From May 2022, BIG ISLAND SALES ACTIVITY decreased.
Sales activities on the Big Island are down in May 2023 compared to last year, with home sales down by 31% and condo sales falling by 44%.
FROM MAY 2022, MEDIAN DAYS ON MARKET ARE UP
The number of days a Big Island home or condo spent on the market increased by 183% to 34 and 586% to 48, respectively, in May 2023 compared to the previous year.
Big Island Quarterly Real Estate Reports:
| SINGLE FAMILY HOMES | THIS MONTH MAY 2023 | LAST YEAR MAY 2022 |
|---|---|---|
| Median Sale Price | $492,500 | $505,500 |
| Average Sale Price | $854,163 | $1,034,027 |
| Homes Sold | 186 | 268 |
| Median Days on Market | 34 | 12 |
| Bid Ups | 17% | 38% |
| CONDOMINIUMS | THIS MONTHMAY 2023 | LAST YEARMAY 2022 |
|---|---|---|
| Median Sale Price | $550,000 | $550,000 |
| Average Sale Price | $849,818 | $1,098,631 |
| Condos Sold | 55 | 99 |
| Median Days on Market | 48 | 7 |
| Bid Ups | 16% | 52% |