While the number of sales has decreased over the last few months for single family homes, condos, and land listings the market remains favorable towards sellers due to high demand and lack of inventory. Statistics show that for the 12 months ending 11/30/2021 there were 1,636 active listings, compared to the 12 months ending 11/30/2020 when there were 2,476 active listings. LUVA Realtor Lance Owens commented that “Itʻs not a sluggish market, there is just not a lot of inventory.”
The number of single family homes sold in September dropped slightly again last month, from 259 sales in October to 227 sales in November. This is down from the number of sales compared to this time last year, with 258 sales in November 2020.
There were 73 condos sold in November, compared with 76 condos sold in October. Last year at this time, there were 82 condo sales. For land, there were 220 sales across Hawaiʻi Island in November, which is down slightly from October when there were 232 land sales. Puna represented over half of the land sales, which is typical. Last year at this time there were 125 land sales.
The high demand and lack of inventory continue to drive down the average days on the market. The average days on the market was 31 days this past month, which is less than half of what it was when compared to November 2020. Condo listings stayed on the market for an average of 17 days last month, which is down by 72% when compared to this time last year. South Kohala condos sold the quickest, after spending only 10 days on the market. Land listings remained on the market for an average of 79 days, which is down 46% when compared to this time last year.
The median sales price on Hawaiʻi island has surpassed $500,000 this past month with single family homes selling for a median of $525,000. North Kona homes recorded the highest median sales price at $840,000 followed by South Kohala recording at $805,000. This represents an 18% increase in just one year. The median sales price for condos dropped slightly after Octoberʻs steep increase to $555,000. The median sales price for condos in November was $535,000. After a median sales price in South Kohala over one million dollars in October, last month the prices stabilized at a more normal median price of $795,000. Overall, condo prices have increased by 16% when compared to this time last year. The median sales price for land in November was $50,000, which is up by 43% when compared to this time last year.