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The lack of inventory has remained consistent throughout this past year and while it has led to a decreased number of sales there have been impressive increases for median sales price and a surprisingly low number of days spent on the market.
The number of single family homes sold in December increased month to month from 227 sales in November to 289 sales in December. This is on par with the number of sales when compared to this time last year, which historically is a slower time for real estate sales due to the holidays. There were 84 condos sold last month, which is up slightly when compared with November 2021 but slightly down when compared with December 2020. The majority of the condo sales (45) occurred in North Kona. For land, there were 223 sales across Hawaiʻi Island in December, which is up a few units when compared with November 2021. Last year at this time, there were 250 land sales.
The average days on the market in December for single family homes was 42 days, which is up from 31 days in November. This is a decrease of 28% when compared to this time last year. Properties in North Kona and Puna sold the quickest last month, at 28 and 30 days respectively. Condo listings stayed on the market for an average of 17 days for the second month in a row last month, which is down by 72% when compared to this time last year. North Kona condos sold the quickest, after spending only 15 days on the market. Land listings remained on the market for an average of 79 days, which is down 46% when compared to this time last year.
The median sales price on Hawaiʻi island increased again in December to $540,000. North Kona home prices recorded a new high at $1,250,000, which was also the market with the highest prices across the island. The median sales price for condos in December 2021 was $483,544 which is a decrease from November when the median price recorded at $535,000. Condo prices have increased by 25% when compared to this time last year. Condos in South Kohala sold for the highest price at $890,000. The median sales price for land in December 2021 was $48,000, which is down slightly when compared with November 2021. This represents an increase of 51% when compared to this time last year.