Year to date, the Big Island real estate market has remained very consistent with little fluctuation in total sales, median sales price and days on market. Island-wide, the median sales price for condos ($567K) surpassed single-family homes ($523K) in May 2022, with a 26% increase in price compared to this time last year, and with 13% fewer total sales (94) for the month. Given its vast size, it’s important to consider the neighborhood level nuances whether you plan to buy or sell here.

Brief Overview:

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

Single Family Homes – Down only 1% in total sales – totaling 256 units.
Condos – Down 42% in sales. 94 total closed.
Land – 287 total sales of land representing an increase of 30 units (+12%) when compared against 2021 sales for that month.

Single Family Homes Specific Stats:

Median Sales Price:
$523,000 in May 2022 an increase of 5% over median prices from May 2021..

Days on Market:
12 days on market for May 2022. Down 79% from May 2021 which saw 57 days on market.

Condominium Specific Stats:

Median Sales Price:
$567k in May 2022. An increase year over year of 29% from 2021.

Days on Market:
7 days on average in May 2022. A change of minus 89% over 2021.

Vacant Land Specific Stats:

Median Sales Price:
$62,000 Up 63%.

Days on Market:
21 Days on Market for land sold in May 2022. A decrease of 86% over 149 days on market for May 2021.

Written by Rick Oliver on June 13, 2022
Posted in: Blog, Hawaii Life, Real Estate |