Market trends are similar to last month, with the number of sales down significantly and average days on the market considerably up compared to this time last year. Inventory remains low as well. While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately – however, this is occurring less when compared to this time last year.
READ HAWAII ISLAND APRIL 2023 MARKET REPORT
The number of single-family homes sold in April remained similar to the number of homes sold in March, decreasing from 163 to 162, representing a decrease of 34% when compared to this time last year. Homes stayed on the market for an average of 82 days, compared to 43 days this time last year. The median sales price on Hawaii Island decreased from $550,000 in March 2023 to $447,500 in April 2023. This represents a 14% decrease when compared to April 2022. In North Kona, a new record high was set with a median sales price of $1,231,000, which is a 7% increase when compared to this time last year.
There were 62 condos sold in April 2023, compared to 58 units sold in March 2023, representing a 28% decrease when compared to last year at this time. Similar to single-family homes, the average days on the market have increased significantly when compared to this time last year, from 19 days in April 2022 to 49 days in April 2023. The median sales price for condos in April 2023 was $552,000, down slightly from March 2023 when the median sales price was $595,000. Condos in South Kohala sold for $1,100,000, the highest market for condos on Hawaii Island. North Kona condos sold for a median sales price of $567,000 for the second month in a row.
Land sales dropped last month from 209 sales in March to 165 sales in April 2023, representing a decrease of 19% when compared to last year at this time.
Land listings remained on the market for an average of 104 days in April 2023, compared with 79 days in April 2022. The median sales price for land in April 2023 was $40,000, down slightly from $47,400 in March 2023. This represents an 11% decrease when compared to this time last year.