Big Island Real Estate Market Update: March 2024 Market Overview
In April 2024, the number of single-family homes sold on Hawaii Island increased to 178 from 154 in March, but was 8.5% lower than in April last year. Most sales occurred in Puna (78 homes), North Kona (32 homes), and South Hilo (20 homes). The median sales price for these homes fell from $587,250 in March to $533,000 in April. North Kona’s median price was $1,150,000, a 6.6% decrease from last year.
Condo sales rose from 58 in March to 77 in April, a 22% increase from last April’s 63 sales. North Kona saw 47 condo sales in April, up from 32 in March and 29 last April. The median sales price for condos increased to $790,000 from $672,500 in March. South Kohala had the highest median condo price at $1,165,000. North Kona’s median condo price was $775,000, up from $612,000 in March and $555,000 last April.
Land sales decreased to 160 in April from 177 in March, with 105 sales in Puna, representing a 5% decrease from last year. The median land sales price rose to $45,000 in April from $42,000 in March, a 5% increase from last year.
The average market time in April for single-family homes was 63 days, down from 68 days in March and 82 days last April. In North Kona, homes averaged 50 days on the market, compared to 71 days last year. Condos stayed on the market for an average of 41 days, unchanged from March but down from 48 days last year. Land listings averaged 100 days on the market in April, down from 135 days in March and 104 days last April.