Market Update April 2022

The Big Island real estate market held steady as median sales prices increased 9% year over year for single-family homes ($517,000} and 45% for condos ($689,900}. Across the island, a lack of available properties for sale continues to fuel buyers’ demand as properties continue to sell as quickly as they come on the market.

Brief Overview:

Island of Hawaii Unit Sales Stats for April 2022 VS. April 2021

Single Family Homes – Down 17% in total sales – totaling 238 units.
Condos – Down 42% in sales. 87 total closed.
Land – Only 261 total sales of land representing a decrease of 25% when compared against 2021 sales.

Single Family Homes Specific Stats:

Median Sales Price:
$517,000 in April 2022 an increase of 8% over median prices from April 2021..

Days on Market:
40 days on market for April 2022. Down 17% from previous year.

Condominium Specific Stats:

Median Sales Price:
$690k in April 2022. An increase year over year of 42% from 2021.

Days on Market:
17 days on average in April 2022. A change of minus 80% over 2021.

Vacant Land Specific Stats:

Median Sales Price:
$45,000 Up 14%. I’ve predicted this positive trend.

Days on Market:
62 Days on Market for land sold in April 2022. A decrease of 63%.