Hawaii Island Real Estate Market Update: August 2024 Market Overview
In August, single-family home sales decreased from 183 in July to 176, but were up 4.9% compared to August last year.
Number Of Sales
Most sales occurred in Puna (75 homes), North Kona (35 homes), and South Hilo (15 homes).
Condo sales fell from 53 in July to 42 in August, marking a 19% decline from August last year. North Kona saw 24 condo sales in August, down from 32 the previous month and 29 in August last year.
Land sales also dropped, from 159 in July to 127 in August, with 82 sales in Puna. This reflects a 32.8% decrease compared to the same time last year.
Average Days On Market
In August, single-family homes averaged 60 days on the market, down from 64 days in July. In North Kona, the average was 79 days, up from 63 days last year.
Condo listings averaged 45 days on the market in August, up from 39 days in July and 31 days last year at this time.
Land listings averaged 85 days on the market in August, down from 96 days in July.
Median Sales Price
In August, the median sales price for single-family homes on Hawaii Island dropped to $555,000 from $585,000 in July. In North Kona, the median price was $1,231,400, a 2.7% decrease from $1,265,000 in August of last year.
For condos, the median price in August was $581,000, down from $725,000 in July. South Kohala had the highest condo prices at a median of $1,066,000. North Kona’s median condo price was $675,000, down from $750,000 in July but up from $540,000 in August of last year.
The median sales price for land increased to $60,000 in August, up from $47,000 in July, and represents a 71% increase from $35,000 in August of last year.
Contact your REALTOR for more specific information regarding sales in certain neighborhoods or parts of Hawaii Island!