While demand hovers around similars figures, interest rates continue to climb which is decreasing Buyer’s purchasing power. NAR Senior Economist Nadia Evangelou stated that “it seems that there is a tug-of-war between sellers and buyers in the bond market. Sellers are worried about inflation while buyers are concerned about the economy.”
The number of single family homes sold last month decreased from 283 sales in March to 240 sales in April. Compared to last year at this time, this represents a decrease of 18%. There were 87 condos sold last month, which is up by three units when compared with March 2022. However, this is 43% less than the number of condos sold in March 2021. For land, there were 263 sales across Hawaiʻi Island in April 2022, which is down significantly from 318 units in March 2022. This is a 28% increase when compared with April 2021.
The average days on the market in April for single family homes was 43 days, which is up from 31 days in March. This is a decrease of 40% when compared to this time last year. Condo listings stayed on the market for an average of 19 days in April 2022, which is up from 15 days when compared to March 2022. This is compared to 84 days on average at this time last year. Land listings remained on the market for an average of 78 days, compared to 104 days when compared to this time last year. Last year at this time land listings stayed on the market for an average of 169 days.
The median sales price on Hawaiʻi Island dropped slightly last month to $517,000. Overall, prices have increased by 9% when compared to this time last year.The median sales price for condos in April 2022 was $689,900 which is an increase from March when the median price recorded at $628,500. Condo prices have increased by 45% when compared to this time last year. The median sales prices for condos in North Kona was $572,500 and in South Kohala, $1,205,000. The median sales price for land in April 2022 was $45,000, which is down slightly when compared with March 2022. This represents an increase of 15% when compared to this time last year.