The number of sales in July throughout the Hawaii Island Real Estate market is down slightly from the previous month of June and the average days on the market are considerably up compared to this time last year. The median sales price for residential homes continues to climb, while we saw a slight decrease in the median sales price of condos on the Big Island. Trends can differ by neighborhood, so be sure to check out the differences between the East side and West side of Hawaii Island in the Market Report below!
In a number of areas, the residential real estate market on Hawaii Island went through significant changes. In the Hamakua district, the median price decreased from $637,500 in June to $495,000 in July, with a rise in the average days on market (DOM) from 64 to 240 respectively. Meanwhile, North Kona witnessed a decrease in the median price, dropping from $1,215,000 in June to $967,500 in July, and a decrease in average DOM, going from 55 days in June to 53 July.
In the condo market, the North Kona district experienced a rise in the median sales price, increasing from $548,000 in June to $575,000 in July, and the average days on market, dropping from 30 to 23 respectively. On the other hand, the South Hilo district reported a decrease in the median price as compared to the previous month, lowering from $184,500 to $160,000, accompanied by an increase in the average DOM, rising from 58 to 60.
In terms of land sales, the Puna district observed a slight increase in the median sales price in comparison to the previous month of June, rising from $35,000 to $36,625 in July while experiencing a decrease in the average DOM, lowering from 106 to 87. Moreover, the South Hilo district reported a decrease in the median sales price, lowering from $350,000 to $307,500, and the average DOM, reducing from 70 to 47.
Overall, these changes indicate varying market conditions across different districts of Hawaii Island in July. Be sure to reach out to a LUVA agent for more information and context on the current market conditions for Big Island real estate sales!