The real estate market continues to show signs of stabilizing to a more normal “pre-covid” market with number of sales down last month when compared to earlier months this year. While the median sales price is up 18% YTD for single family homes and 32% YTD for condos, we are seeing more price adjustments after properties stay on the market for a longer period of time.
The number of single family homes sold last month decreased when compared to May, dropping from 260 sales in May to 249 sales in June. Compared to last year at this time, this represents a decrease of 10%. There were 84 condos sold last month, which is down when compared with May when there were 94 condo sales. This represents a 13% decrease when compared to condos sold in June 2021. For land, there were 233 sales across Hawaiʻi Island in June 2022, which is down slightly from 288 units in May 2022. This is a 33% decrease when compared with June 2021.
The average days on the market in June for single family homes was 39 days, which is an increase of 20% when compared to this time last year. Single family homes in North Kona were only on the market for an average of 26 days which is up slightly from May when homes in North Kona were on the market for just 21 days on average. Condo listings stayed on the market for an average of 26 days in June 2022, which is down slightly from 28 days when compared to May 2022. This is a decrease of 45% when compared to this time last year. North Kona condos were on the market for an average of only 21 days last month which is up from 13 days in May. Land listings remained on the market for an average of 79 days, compared to 95 days in May. This is a 30% decrease when compared to this time last year.
The median sales price on Hawaiʻi Island dropped slightly from $505,000 in May to $480,000 in June. This represents only a 2% increase when compared to June 2021. The median sales price for condos in June 2022 was $604,950 which is an increase from $557,750 when compared to May. Condo prices have increased by 26% when compared to this time last year. The median sales prices for condos in North Kona was $570.000, which is 41% higher than the median sales price last year at this time. The median sales price for land in June 2022 was $54,400, which is up from $45,000 when compared with May 2022. This represents an increase of 55% when compared to this time last year.