This summer’s real estate market has looked quite different when compared to the real estate market last summer. Overall, the number of new listings and sold listings has decreased for all property types when compared to July 2021. Because of the decreased number of sales, inventory remains higher than last summer which has given Buyers some much-needed confidence.
This is the second month in a row that there has been a decrease in the number of sales for single-family homes, condos, and vacant land. The most drastic decrease was in single-family homes, dipping from 249 sales in June to 182 in July. Year to date, there have been 11% fewer sales when compared to last year. North Kona experienced the greatest drop in sales quantity when compared with last July, with 53% fewer sales in July 2022.
There were 63 condos sold last month, which is down when compared to June when there were 84 condo sales. This represents a 25% decrease year to date when compared to last year. For land, there were 212 sales across Hawaiʻi Island in July 2022, which is down slightly from 233 units in June 2022. This is an 11% decrease when compared with July 2021.
The average number of days on the market in July for single-family homes was 35 days, an increase of 16% when compared to this time last year. Condo listings stayed on the market for an average of just 20 days in July 2022, which is down slightly from 26 days when compared to June 2022. This is a decrease of 59% when compared to this time last year. Land listings remained on the market for an average of 63 days, compared to 79 days in June. This is a 55% decrease when compared to this time last year.
The median sales price for condos in July 2022 was $540,000 which is a decrease from June when the median sales price was $610,000. Year to date, the median sales price has increased by 19% with prices in South Kona and South Kohala increasing the most.
The median sales price for land in July 2022 was $40,500 which is down from $54,400 in June 2022. Year to date, there has been a 29% increase in the median sales price for vacant land when compared to last year.