The Big Island continues to face inventory challenges as indicated by several key metrics. With a lack of properties for sale, total sales were down -10% for single-family homes (SFH) and -40% for condos compared to the same time last year. While sales may have dropped, median sales prices continue to ascend higher as SFH increased 26% to $517,500 and condos increased 30.3% to $650,000. Across the island properties are selling in just under 10 days!

Brief Overview:

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

• Single Family Homes – Down 12% in total sales – totaling 283 units. Market remains supply restricted.
• Condos – Down 40% in sales. 83 total closed. Market is supply restricted. Again, no surprise.
• Land – Increased to 318 total  representing an increase of 5%. This shows positive unit growth in 2022 versus 2021.

Single Family Homes Specific Stats:

Median Sales Price:
$515,000 in March 2022 an increase of 25% over median prices from March 2021.

Days on Market:
31 days on market for March 2022. Down 50% from previous year.

Condominium Specific Stats:

Median Sales Price:
$650k in March 2022. An increase year over year of 28% from 2021.

Days on Market:
15 days on average in March 2022. A change of minus 79% over 2021.

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 March 2022.

Written by Rick Oliver on May 12, 2022
Posted in: Blog, Real Estate |