Sales on the Big Island have certainly slowed as there were only 244 total single-family home and condo sales in September 2022, down 47% from the peak of 456 combined sales in March 2021. Prior to the pandemic, total sales activity ranged from 200-260 sales per month, so the current decline is in line with normal levels. Even though properties are taking nearly two weeks longer to sell, prices are holding strong.

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

TOTAL SALES
Single Family Homes – Total sales of 198 single family homes marks a decrease of 27% units in comparison to September 2021.
Condos – Down 44% in sales. 46 total sold.
Land – 172 total sales of land offerings representing a decrease of 28% when compared against 2021 sales for September

NEW LISTINGS
Single Family Homes – 213 units with a 21% decrease over previous 2021 period.
Condos – Down 45% for new listings. 44 units in 2022

Single Family Homes Specific Stats:
Median Sales Price:
$538,000 in September 2022. increase of 11% over median prices from September 2021.
Days on Market:
26 days on market for September 2022 – a 155% increase from September 2021.

Condominium Specific Stats:
Median Sales Price:
$590k in September 2022. An increase year over year of 26% from 2021.
Days on Market:
11 days on average in September 2022. A change of 57% over 2021.

Vacant Land Specific Stats:
Median Sales Price:
$40,000 with a decrease in median price of 5% from September 2021.
Days on Market:
44 Days on Market for land sold in September 2022.

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