Market Update May 2022

Year to date, the Big Island real estate market has remained very consistent with little fluctuation in total sales, median sales price and days on market. Island-wide, the median sales price for condos ($567K) surpassed single-family homes ($523K) in May 2022, with a 26% increase in price compared to this time last year, and with 13% fewer total sales (94) for the month. Given its vast size, it’s important to consider the neighborhood level nuances whether you plan to buy or sell here.

Brief Overview:

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

Single Family Homes – Down only 1% in total sales – totaling 256 units.
Condos – Down 42% in sales. 94 total closed.
Land – 287 total sales of land representing an increase of 30 units (+12%) when compared against 2021 sales for that month.

Single Family Homes Specific Stats:

Median Sales Price:
$523,000 in May 2022 an increase of 5% over median prices from May 2021..

Days on Market:
12 days on market for May 2022. Down 79% from May 2021 which saw 57 days on market.

Condominium Specific Stats:

Median Sales Price:
$567k in May 2022. An increase year over year of 29% from 2021.

Days on Market:
7 days on average in May 2022. A change of minus 89% over 2021.

Vacant Land Specific Stats:

Median Sales Price:
$62,000 Up 63%.

Days on Market:
21 Days on Market for land sold in May 2022. A decrease of 86% over 149 days on market for May 2021.