Market Intelligence

Looking at QTR 3 of 2023

I don’t expect you to recall that during Qtr 3, 2022, I was a bit under the weather so no report was prepared. Hence, I’m using numbers from the second quarter of 2022 to help get a sense of market direction, if possible. I say “if possible” because the numbers are really not easy to interpret.

east hawaii real estate market activity chart

Demand Still High in East Hawaii

Despite higher (not high, mind you) interest rates, we still have tremendous demand for our East Hawaii product (see projected demand column). The median numbers, in many cases are very skewed because available inventory is depressed and, in many cases, substandard. Current under contract Ainaloa inventory consists of properties that need significant work. The median sold prices in Mauna Loa Estates was $412,500 but is being similarly dragged down by inventory conditions in Royal Hawaiian Estates and Ohia Estates.

The demand numbers are always a bit inflated but are still an important indicator of market direction. I’ve been asked many times if the Lahaina fires will affect our market. I have heard of buyers already looking even though I do not think there have been any insurance payouts or federal relief. One interesting loan feature we are seeing is lenders offering no-cost refinance programs during (as I recall) the next 5 years if rates decrease as expected.

Volcano Area is Especially Busy

Speaking of Mauna Loa Estates, if you look at the sales numbers in Volcano area neighborhoods, it seems that market is extremely busy. Interestingly, the number of VA and FHA loans indicates that many buyers are owner-occupants. I will leave the rest for you to interpret. I’m sure you will find much of interest.

Don’t see your neighborhood? As always, feel free to give us a call or drop us an email so we can deliver your personalized MARKET REPORT directly to your inbox. It’s free and no one will call. Don’t do computer? No problem. We’ll even snail mail the information if you wish. Whether buying or selling, Team Nakanishi is always here to help. Onward to the end of 2023!

*Thanks to Hawaii Information Service for the data.

About the Author

Denise Nakanishi

Denise Nakanishi is a REALTOR Broker with Hawai'i Life. Denise Nakanishi is one of Hilo's most acclaimed real estate agents. She reached the rank of Major in the US Army and is now known by many as "Major Mom." The nickname fits–not only does Denise bring the discipline and mission-oriented attitude you'd expect, she's also caring and compassionate, always looking out for her clients like they're her own family. Having made the Big Island her home since 1987, Denise combines her extensive knowledge of the area with a sharp focus on customer service and the results speak for themselves. She's the recent recipient of the Best East Hawai`i, Best of Zillow, Chairman's Circle Award, President's Circle, Top Producing Agent since 2001, and Realtor of the Year awards. Denise stays ahead of the curve because she's passionate about education–she served as Education Chair for Hawaii Island REALTORS® for many years. She's one of Big Island's best real estate resources, known for her weekly article in the Hawaii Tribune Herald. Denise leads Team Nakanishi for Hawai`i Life, who is committed to their family, work, and community. In her little time away from work, Denise is a committed runner and Grandy. She also devotes many hours to various Veterans' Organizations, the East Hawaii Cultural Center, and the Hawaii Island REALTORS®. You can email me at or via phone at (808) 936-5100.

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