The number of single family homes sold last month increased slightly when compared to April, rising from 240 sales in April to 260 sales in May. Comparing May 2022 to May 2021, this represents a decrease of less than 1%. Puna recorded the most sales for single family homes with 107 sales with a median sales price of $380,000. North Kona had 49 single family home sales with a median sales price of $1,170,000.
There were 94 condos sold last month, which is up slightly when compared with Aprilʻs 84 condo sales. However, this is 13% less than the number of condos sold in April 2021. 49 of the sales were in North Kona with a median sales price of $510,000. For land, there were 288 sales across Hawaiʻi Island in May 2022, which is down slightly from 263 units in April 2022. This is a 5% increase when compared with April 2021. Majority of the land sales took place in Puna (168 sales) with a median sales price of $40,000.
The median sales price on Hawaiʻi Island remained stable last month, dropping slightly from $517,000 in April to $505,500 in May. Overall, prices for single family homes have increased by 1% when comparing May 2022 to May 2021. Markets like South Hilo and North Kona have experienced drastic price increases when comparing May 2022 to May 2021 at 38% and 22% respectively.
The median sales price for condos in May 2022 was $566,750 which is a decrease when compared to April when the median sales price was $689,900. Condo prices have increased by 26% when compared to this time last year. The median sales prices for condos in North Kona was $510,000 and in South Kohala, $1,405,000, representing increases of 37% and 108% when compared to May 2021. The median sales price for land in May 2022 was $45,000, which is down slightly when compared with April 2022. This represents an increase of 15% when compared to this time last year. Majority of the land sales took place in Puna (168 sales) with a median sales price of $40,000.
The average days on the market in May for single family homes was 35 days, which is down from 43 days in April. This is a decrease of 39% when compared to this time last year. Condo listings stayed on the market for an average of 25 days in May 2022, which is up slightly from 19 days when compared to April 2022. This is a decrease of 54% when compared to this time last year. Land listings remained on the market for an average of 95 days, compared to 78 days in April. This is a 35% decrease when compared to this time last year.