The Hamakua Coast experienced a 20% increase in Total Sales for the month of December, while land sales showed no increase or decrease. Median Sales Price dropped by 13% to $734,000 for residential, while the Median Sales Price for land, $450,000, demonstrated no increase.
The BIG STORY, islandwide, is the Condo market. With 75% of all condos closing below list price, the Median Sales Price has dropped to a three-year low. Why? HOA Condo Insurance is experiencing an all-time increase, and this increase is being passed down to the individual condo owners! Despite these trends, the condo market presents a unique opportunity for buyers to invest at favorable prices, particularly for those with long-term goals.
2024 vs 2023 MARKET STATS: A Year In Review
If you place the Islandwide 2024 vs 2023 Market Stats under a microscope, it’s easy to see that the East Hawaii TMK’s demonstrated the strongest markets. TMK 3-1, Puna District, took the overall prize, while TMK 3-2, North Hilo Residential Sales experienced double digit increases. And TMK 3-2, South Hilo, had a trifecta win for Residential Sales Volume, Median Sales and Number of Sales!
Is it a good time to sell? Absolutely…but list price must be competitive!
3 WAYS SELLERS CAN INCENTIVIZE BUYERS
Offer a credit to buyers at closing to:
- Buy down interest points. (Reduces the monthly mortgage.)
- Cover repairs and replacements. (Saves buyers additional out-of-pocket expenses.)
- Cover all or part of the escrow closing costs. (Again, less out-of-pocket expenses for buyers.)
Feel free to contact me for a complimentary Current Market Analysis for your specific property and location!
