As summer comes to an end the Big Island real estate market continues to cool as sales activity returns to pre-pandemic levels. Even though the total number of transactions were down 30% year over year, median sales price remained flat. With interest rates nearing 7%, buyers are not particularly motivated to purchase while sellers who locked in 2.75% – 3.5% mortgages or paid cash are even more unlikely to sell anytime soon.

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

TOTAL SALES
Single Family Homes – Total sales of 180 single family homes marks a decrease of 31% units in comparison to October 2021.
Condos – 46 total sold is down 44% from previous 2021 numbers.
Land – 179 total sales of land offerings representing a decrease of 24% when compared against 2021 sales for October

NEW LISTINGS
Single Family Homes – 201 new listings.
Condos – 45 units in October 2022

Single Family Homes Specific Stats:
Median Sales Price:
$510,000 in October 2022. An increase of 6% over median prices from October 2021.
Days on Market:
24 days on market for October 2022 – a 140% increase from October 2021.

Condominium Specific Stats:
Median Sales Price:
$510k in October 2022.  Down 8% from same period, 2021.
Days on Market:
6 days on average in October 2022. An increase change of 50% over 2021.

Vacant Land Specific Stats:
Median Sales Price:
$44,000 with an increase of 5% in median price of over October 2021.
Days on Market:
44 Days on Market for land sold in October 2022.

Written by Rick Oliver on November 10, 2022
Posted in: Blog, Newsletter, Real Estate |