Buyers are regaining control on the Big Island as median sales prices continued their decline from recent highs while days on market increases. Since July 1st, of the 678 combined single-family homes and condos listed for sale, 21.6% have seen a price reduction. Properties that are priced accordingly and present well are continuing to sell quickly.

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

TOTAL SALES
Single Family Homes – Down 31% in sales – totaling 180 units. July 2021 saw 261 sales.
Condos – Down 23% in sales. 63 total closed.
Land – 211 total sales of land offerings representing a decrease of 27% when compared against 2021 sales for July.

NEW LISTINGS
Single Family Homes – Down 7% with 238 units.
Condos – Down 15% for new listings. 60 units in 2022
Land – Down 17%. 256 vs. 310 for 2021.

Single Family Homes Specific Stats:
Median Sales Price:
$456,000 in July 2022 an increase of 7% over median prices from July 2021.
Days on Market:
19 days on market for July 2022. Up 73% from July 2021.

Condominium Specific Stats:
Median Sales Price:
$540k in July 2022. An increase year over year of 11% from 2021.
Days on Market:
6 days on average in July 2022. A change of minus 14% over 2021.

Vacant Land Specific Stats:
Median Sales Price:
$41,000 Up 9% from July 2021.
Days on Market:
30 Days on Market for land sold in July 2022. An increase of 3% over July 2021.

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