MARKET REPORT: OCTOBER 2024

OVERALL: HAWAII ISLAND

Overall the Hawaii Island market remains extremely competitive, seeing barely a percentage point change in prices and inventory over the past month or so. The year-to-date change, however, saw consistent increases in both cost as well as inventory. 

SINGLE-FAMILY HOMES: HAWAII ISLAND

Single-family homes saw a slight 1.7% decrease month-to-month and an even slighter increase of 0.9% YTD. The median sales price, however, may have only fallen about 0.9% over the past month but has risen by nearly 10% since the same timeframe last year. This makes Hawaii island the second fastest growing single family market in the state. 

CONDOMINIUMS: HAWAII ISLAND

Condominium inventory has slowed some, with monthly sales having fallen by 12.5%, consistent with a YTD fall of 11.5%. The price index has not been affected, with condominium prices continuing to earn homeowners very strong return. Compared to last month, prices are up 13%, consistent with last year's 12.8%.

SUMMARY: HAWAII ISLAND

Overall, the Hawaii Island market remains remarkably durable as always. It is important to note that while inventory has declined in some sectors, prices remain not just stable but rising. This is a reflection of overall demand given that stock among single-family homes and condominiums fell but prices continued to offer strong returns and were able to sell at those higher expected return points. In summation, we are seeing a lot of green in Hawaii Island's data, with the only red dips being small changes in inventory. 

Happy Holiday Season Everyone!

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Guaranty, T. (2024, November 26). Market statistics: Title guaranty. Title Guaranty | Hawaii Real Estate Services. https://www.tghawaii.com/market/