Hawaii Island Real Estate Market Update: February 2024 Market Overview
In February, Single-family home sales increased from 158 to 168 units, marking a 26% rise compared to February of the previous year.
In February, the real estate market on Hawaii Island experienced varied trends across property types. Single-family home sales increased from 158 to 168 units, marking a 26% rise compared to February of the previous year. Puna, North Kona, and South Hilo were the top-selling areas.
Condo sales also saw a significant uptick, with sales increasing from 32 to 42 units, although they decreased by 12.5% year-on-year. Notably, North Kona observed an increase in condo sales units but only by one unit compared to January.
Land sales showed positive momentum, rising from 147 to 171 transactions, with Puna leading the way with 102 land sales.
The average days on the market increased for single-family homes to 60 days, while condos stayed on the market for an average of 31 days (17 days less than January), and land listings for 97 days.
Median sales prices fluctuated across property types, with single-family homes increasing to $500,500, while condos saw an increase to $667,500, driven by South Kohala’s high-priced market. North Kona condos experienced a price decrease compared to January but an increase compared to the previous year. The median sales price for land showed a slight increase to $46,000, reflecting a small uptick compared to February of the previous year ($44,500).
While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately. Reach out to your Realtor for more information about the current market!