Tune in here for the Hawaii Island Real Estate Market Report! Last month there was a dip in the number of sales for single-family homes and condos on Hawaii Island and a slight increase in the number of sales for land.
In October, single-family homes sold for 93.33% of their final list price. Compared to this time last year, that is a decrease of 2%. Condos sold at 99.06% of their final list price, and land sold at 82.89% of their final list price. Compared to last year, these numbers are down by 1% and 5% respectively.
There were 183 single-family homes sold last month on Hawaii Island. This is a decrease of 29% when compared to this time last year. The median sales price for single-family homes in October was $510,000, a decrease from September when the median sales price was $640,000. The average number of days on the market in October for single-family homes was 46 days, representing a 28% increase when compared to this time last year.
There were 39 condos sold in October 2022, a decrease of 48% when compared to this time last year. These condos stayed on the market for an average of 23 days last month, representing a 4% decrease compared to last year at this time. Condo prices have increased by 8% year to date compared to last year. North Kohala condos had the highest median sales price at $879,500.
There were 183 land sales in October 2022, an increase of just 2 units when compared to September. Following the same trend that we see for single-family and condo sales. This represents a decrease of 22% when compared to this time last year. Land listings remained on the market for an average of 84 days, representing a 5% increase when compared to this time last year. The median sales price for land in October 2022 was $44,000 which is up slightly from $39,500 in September 2022. There has been a 3.5% increase in the median sales price for vacant land compared to last year.