The Big Island real estate market showed a number of trends in November 2023:
The median price of single-family houses was $499,000 in 2023; there were 659 active listings, 236 new listings, and 212 listings in 2022. Listings that were sold saw a decline to 135 from 172 in 2022, with an average of 63 days on the market.
The median price of condominiums was $539,000 in 2023; there were 117 current listings, and 50 new listings were added compared to 64 in 2022. Along with a fall in average days on market to 31, sold listings in 2022 dropped to 29 from 31.
With 1111 active listings and 228 new listings in 2023 compared to 218 in 2022, the median price for land transactions was $43,000. In 2022, there were 122 sold listings; in 2023, there were 129, with an average of 132 days on the market.
The Maui real estate market displayed shifts in November 2023.
Homes had 47 sales, a 25.4% decline from 2022; the average days on market was 111 days shorter, and the median price increased to $1,100,000, a 7.3% rise from 2022. But the dollar volume dropped to $75,188,325—a 10.9% decline.
53 condos were sold in the sector, a 25.4% decrease from 2022, and an increased average of 128 days on the market. The dollar volume decreased slightly by 0.74% to $95,057,030, but the median price increased by 4.7% to $890,000 from 2022.
Land sales saw a sharp decline, with just 9 lots sold—a 52.6% drop from 2022. The market’s average days on market increased to 402, a 117.3% increase from 2022. However, the dollar volume significantly dropped by 51.5% to $7,777,000. Meanwhile, the median price surged to $800,000, indicating a significant gain of 48.1% from 2022.
The single-family home, condo, and land movements in Kauai’s dynamic real estate market in 2023 exhibit a variety of patterns and performances.
The remarkable $1,300,000 median price for single-family houses indicated a strong market. The days on the market, however, stayed at 100 days, indicating a fair but somewhat longer selling period. In spite of this, there were always 25 sold listings, demonstrating a constant pace of demand and turnover in this market. When comparing listing activity, there were 124 fewer active listings than the previous year, and there were 34 less new listings in 2023 compared to 39 in 2022.
Condos, on the other hand, with their median price of $650,000, offered a more affordable entry point. Compared to single-family houses, properties in this sector looked to be on the market for an average of 50 days, suggesting a slightly faster turnover. There was an increase in sold listings from 20 in 2022 to 23 in 2023, indicating that demand was trending upward. The number of new and active listings in the segment increased as well; in 2023, there were 35 new listings and 97 active listings, up from 27 in 2022.
In the meantime, Kauai’s land market, with a median price of $7885,000, displayed unique dynamics. The average period that lands were listed was 99 days, which is comparable to the length of time that single-family homes are listed for. Nonetheless, there was a minor decrease in the quantity of sold listings from 7 in 2022 to 6 in 2023, suggesting a relatively slower pace of turnover for this kind of real estate. The quantity of new listings increased from 12 in 2022 to 26 in 2023, perhaps reflecting an increasing interest in land investments or developments. The number of active listings was stable at 119.
The 2023 Oahu real estate market saw a notable upsurge in single-family and condominium sales. Properties in both categories had an average of just 22 days on the market, demonstrating the quick pace. With 192 units sold over the course of the year, single-family homes commanded a good median price of $1,094,000, resulting in a remarkable total dollar volume of $270,735,783. This strong result suggested that there is a substantial market on the island for upscale residential real estate.
Concurrently, Oahu’s condo market had robust dynamics of its own. 314 units were sold in 2023, with a median price of $515,179—a greater affordability quotient than single-family dwellings. This produced a considerable $210,689,124 dollar volume, highlighting the popularity and traction of condominiums among purchasers. The quick turnover and robust sales figures in both property classes indicated that Oahu’s real estate market would be vibrant and active in 2023.
2023 is still going strong. There were 82 purchases of land on Oahu in 2023, with a median price of $850,000 and a significant monetary volume of $132,137,892.
