Much like Mauna Loa, the Big Island real estate market has gone quiet in December. Compared to the same month last year, total sales are down -50% for single-family homes and -55% for condos island wide. Even with sales activity down, median prices are holding steady in part to a lack of inventory for sale. If you plan to buy or sell property on the Big Island, understanding the nuances of each market area is critical as demand and desirability factors can vary greatly from one market area to another.

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

TOTAL SALES
Single Family Homes – Total sales of 147 single family homes marks a decrease of 50% units in comparison to December 2021.
Condos –38 total sold – down 55% from 2021 numbers.
Land – 131 total sales of land offerings representing a decrease of 43% when compared against 2021 sales for December.

NEW LISTINGS
Single Family Homes – 156 new listings.
Condos – 58 units in December 2022

Single Family Homes Specific Stats:
Median Sales Price:
$475,000 in December 2022. An decrease of 8% over median prices from December 2021.
Days on Market:
28 days on market for December 2022 – a 115% increase from December 2021.

Condominium Specific Stats:
Median Sales Price:
$593k in December 2022. Up 26% from same period, 2021.
Days on Market:
16 days on average in December 2022. An increase change of 129% .

Vacant Land Specific Stats:
Median Sales Price:
$47,000 with am increase of 4% in median price of over December 2021.
Days on Market:
63 Days on Market for land sold in December 2022.

Written by Rick Oliver on January 8, 2023
Posted in: Blog, Real Estate |