The Big Island real estate market is following national and statewide trends as sales activity decreased 25% year over year with only a slight increase from August (243) to August (257). Other key indicators including median sales prices remained relatively flat as both buyers and sellers continue to let the macro economic market conditions play out.

Brief Overview:
Island of Hawaii Unit Sales Stats for August 2022 VS. August 2021

TOTAL SALES
Single Family Homes – Total sales of 200 single family homes. Down 25% compared to August 2021.
Condos – Down 37% in sales. 57 total sold.
Land – 193 total sales of land offerings representing a decrease of 29% when compared against 2021 sales for August

NEW LISTINGS
Single Family Homes – 214 units with a 29% decrease over previous 2021 period.
Condos – Down 46% for new listings. 43 units in 2022

Single Family Homes Specific Stats:
Median Sales Price:
$484,000 in August 2022 a slight decrease of 2% over median prices from August 2021.
Days on Market:
22 days on market for August 2022 – a 9% decrease from August 2021.

Condominium Specific Stats:
Median Sales Price:
$599k in August 2022. An increase year over year of 33% from 2021.
Days on Market:
43 days on average in August 2022. A change of minus 46% over 2021.

Vacant Land Specific Stats:
Median Sales Price:
$45,000 with a decrease in median price of 16% from August 2021.
Days on Market:
22 Days on Market for land sold in August 2022.

Written by Rick Oliver on September 6, 2022
Posted in: Blog, Newsletter, Real Estate |