August 2023 Market Update

August 2023 residential real estate market performance report (single-family, multi-family, and land) : 

The month of August breathed some life back into the island’s real estate market with some much needed activity. New listings saw an increase month-over-month by approximately 77%, adding 64 new listings. This is a statistic that I hope continues to increase monthly to help align the island’s inventory back to normal levels. Inventory levels returning to historical norms will help stabilize prices, decrease buyer competition, and increase buyer/investor opportunity.  On the other hand, the average sales price hovered around $2,200,000, increasing month-over-month by approximately 14%. Sales for August resulted in 25 closings between the 1st and 31st, down from 31 closings in July.  Total inventory for the month ended at 174 homes for sale, down about 9% from July as well. Overall, the island still remains more so as an advantageous market for sellers compared to buyers. With the slower summer market beginning to fade away, hopefully the trend of increasing inventory continues in the future to help balance the market supply with demand.

Source: Bright MLS, Inc.®