Big Island Real Estate Market Update: November 2023 Market Overview
The number of single-family homes sold in November dropped sharply when compared to the number of homes sold in October, decreasing from 172 to 135, and represents a decrease of 21.5% when compared to this time last year.
Homes stayed on the market for an average of 63 days, compared to 53 days this time last year. The median sales price on Hawaii Island decreased from $552,500 in October 2023 to $499,000 in November 2023. This also represents a 1.3% increase when compared to November 2022. In North Kona, the median sales price saw a dramatic drop from $1,237,500 in October to $965,000 in November.
There were 29 condos sold in November 2023, compared to 47 units sold in October 2023, representing a 6% decrease when compared to last year at this time. The average days on the market showed no change when compared to this time last year. The median sales price for condos in November 2023 was $539,000, up slightly from October 2023, when the median sales price was $530,000. The single sale of a $1,900,000 condo in North Kohala made it the highest priced market for condos on Hawaii Island in November. North Kona condos sold for a median sales price of $481,500 down significantly when compared to the previous month’s median sales price of $579,000.
Land sales dropped last month from 152 sales in October to 129 sales in November 2023. We see a slight increase in sales volume when compared to last year at this time when total sales reached 122.
Land listings remained on the market for an average of 132 days in November 2023, compared with 63 days in October 2022. The median sales price for land in November 2023 was $43,000, down slightly from $45,000 in the previous month of October. This represents an 8.8% increase in median price when compared to this time last year.
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!