Read the Hawaii Island Real Estate Market Report here! The market has slowed considerably when compared to this time last year across all property types.
Number of Sales
For single-family homes there was a decline in the number of sales for single-family homes on Hawaii Island, dropping to 171 sales in November. This represents a decrease of 26% when compared to this time last year. The majority of the homes that sold were in Puna (84 sales), followed by North Kona where there were 28 homes sold. There were 30 condos sold in November 2022, this represents a 61% decrease when compared to this time last year. There were 119 land sales in November 2022, representing a 48% decrease compared to November 2021.
Average Days on the Market
The average number of days on the market in November for single-family homes was 54 days, this represents a steep increase when compared to last November at this time when homes stayed on the market for just 29 days.
Condo listings stayed on the market for an average of 26 days last month, an increase of 3 days when compared to October 2022. Condos remained on the market an average of 9 extra days this November when compared to November 2021. Land listings remained on the market for an average of 62 days in November, compared to 84 days in October 2022. This is 20 days shorter when compared to November 2021.
Median Sales Price
The median sales price on Hawaii Island decreased from $509,000 in October to $495,000 in November. This represents a 6% decrease year to date compared to last year. Last month, the median sales price for single-family homes in North Kona was $1,052,000. North Kohala had the highest median sales price at $1,205,000.
The median sales price for condos in November 2022 was $473,750, a decrease from October when the median sales price was $504,5000. Condo prices have decreased by 11% year to date compared to last year. The median sales price for land in November 2022 was $37,000 which is down slightly from $44,000 in October 2022. There has been a 26% decrease in the median sales price for vacant land compared to last year.