Market Update June 2022

Overall market activity on the Big Island is showing signs of slowing as total sales declined -12% for single-family homes and -22% for condos year over year. Even though sales are down, prices remain near recent highs as competitively priced properties continue to sell quickly. Given the Big Island’s vast size and geographic diversity, it is important to review data specific to each market area as median sales prices range from $300K to over $1 million.

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

Single Family Homes – Down 12% in sales – totaling 246 units.
Condos – Down 22% in sales. 83 total closed. Low Inventory levels, higher borrowing costs and elevated list prices are all factors.
Land – 224 total sales of land offerings representing an increase of 30 units (+12%) when compared against 2021 sales for June. Land continues to offer value where buyers will build a home eventually at a lower combined cost than buying an improved lot with house.

Single Family Homes – Up 15%. 289 vs. 252 new listings
Condos – Down 27% for new listings. 54 units in 2022 vs. 74 in 2021. Increased prices and higher borrowing cost for homes under $1m are contributing to higher inventory levels.
Land – Down 17%. 256 vs. 310 for 2021.

Single Family Homes Specific Stats:
Median Sales Price:
$480,000 in June 2022 an increase of 2% over median prices from June 2021..
Days on Market:
11 days on market for June 2022. Down 78% from June 2021 which saw 49 days on market.

Condominium Specific Stats:
Median Sales Price:
$600k in June 2022. An increase year over year of 24% from 2021.
Days on Market:
7 days on average in June 2022. A change of minus 85% over 2021.

Vacant Land Specific Stats:
Median Sales Price:
$55,000 Up 55%.
Days on Market:
22 Days on Market for land sold in June 2022. A decrease of 81% over 115 days on market for June 2021. This is the hottest real estate class on the island and usually the last class to significantly increase before the market cools.