Two months into the year and the Big Island real estate market continues its competitive streak. Even with interest rates creeping up which puts pressure on affordability, properties are selling as fast as they come on the market. For both single-family homes and condos, there were more sales than new listings driving months of remaining inventory towards record lows.

Here is a brief overview:

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

• Single Family Homes – Down 5% in sales. Total of 225 units. Market is supply restricted, so not a surprise.
• Condos – Down 50% in sales.  84 total closed. Market is supply restricted. Again, no surprise.
• Land – Increased to 207 total closed. Market is less supplied restricted and shows this with positive unit growth in 2022 versus 2021.

Single Family Homes Specific Stats:

Median Sales Price:

$515,000 in February 2022 a modest decrease of 2% over median prices from February 2021.

Days on Market:

14 days on market for February 2022.

Condominium Specific Stats:

Median Sales Price:
$548k in February 2022. An increase year over year of 14% from 2021.

Days on Market:
6 days on average in February 2022.

Vacant Land Specific Stats:

Median Sales Price:

$40,000 Up 8%. I’ve predicted this positive trend for 18 months!!

Days on Market:

38 Days on Market for land sold in February 2022.

Written by Rick Oliver on March 10, 2022
Posted in: Blog, Kohala Coast Luxury Resorts, Newsletter, Real Estate |