Over the last few months, the real estate market on Hawaii Island has started to show signs of slowing down, with inventory remaining low and some buyers deciding to hold off on purchasing until the market cools off. However, it remains a sellers market – and the median sales price and average days on the market show that clearly.
The number of single family homes sold in September remained consistent when compared to August 2021 with 263 sales. More than half of these sales were in Puna, and North Kona accounted for 46 of all single family home sales. There was a decrease in the number of condos sold last month, dropping from 90 condos sold in August to 80 condos sold in September. Last month in land sales, there was a decrease from 262 sales in August to 224 sales in September. This is a 28% increase in land sales when compared to last year at this time.
Last month, the average days on the market for single family homes decreased slightly when compared with August, dropping from 50 DOM in August to 38 days in September. Last year at this time, the average DOM for single family homes was 84. The average DOM for condos increased slightly, increasing just 3 days from 26 days in August to 29 days in September. However, this can be compared to 76 days at this time last year. For land sales, the average days on the market decreased slightly from 112 days in August to 95 days in September. This represents a 46% decrease in DOM when compared to September 2020.
Across the market, there have been significant price increases when compared to this time last year. With a median sales price of $499,000. Single family home prices have increased by 18%, with North Kona prices increasing by 13% at a median sales price of nearly $900,000. The median sales price for condos last month was $488,750 – which is an increase of 19% since last September. The median sales price for land sales was $42,250, an increase of over 100% in the median sales price for land sales.