While some may speculate the recent volcanic activity of Mauna Loa is influencing the Big Island’s housing market, longer view trends are showing a sustained slowdown since the peak of last year’s housing craze (02/2021) and the increase in rising mortgage interest rates (01/2022). Year-over-year, there were 96 less homes for sale (-29%) as sales activity returned to pre-pandemic ranges. Most notably, median days on market for single-family homes have been consistently going up from a recent low of 11 days in June to 37 days in November. 

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

TOTAL SALES
Single Family Homes – Total sales of 170 single family homes marks a decrease of 26% units in comparison to November 2021.
Condos –30 total sold – down 59% from 2021 numbers.
Land – 119 total sales of land offerings representing a decrease of 48% when compared against 2021 sales for November.

NEW LISTINGS
Single Family Homes – 177 new listings.
Condos – 56 units in November 2022

Single Family Homes Specific Stats:
Median Sales Price:
$493,000 in November 2022. An decrease of 6% over median prices from November 2021.
Days on Market:
37 days on market for November 2022 – a 270% increase from November 2021.

Condominium Specific Stats:
Median Sales Price:
$474k in November 2022.  Down 11% from same period, 2021.
Days on Market:
14 days on average in November 2022. An increase change of 125% .

Vacant Land Specific Stats:
Median Sales Price:
$37,000 with an decrease of 26% in median price of over November 2021.
Days on Market:
33 Days on Market for land sold in November 2022.

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