We have not seen any major shifts last month in the Hawai’i Island Real Estate Market. There is still a lack of inventory and more buyers than the current inventory can support. While some of the numbers may show slight decreases in the number of sales or median sales price – it is important to compare the market numbers at this time with the market numbers from a year ago at this time, which show an entirely different real estate market.
In May, the number of single family homes decreased slightly from 272 homes sold in June down to 251 homes sold in July. This is a slight increase of 12% when compared with the number of single family sales last July. There was a decrease in the number of condos sold last month, dropping from 106 condos in June to 80 condo sales in July. This is still drastically higher than last year at this time when there were only 54 condo sales on island. For land, there was a steep decrease last month in land sales, dropping from 341 land sales in June to 279 land sales in July. This is a 29% increase in land sales when compared to last year at this time.
Last month, the average days on the market for single family homes was 49 days, which is down significantly from 89 days in July 2020. For condos, the average days on the market remained stable dropping only one day from 49 days in June to 48 days in July. For land sales, the average days on the market increased slightly from 115 days in June to 138 days in July.
The median sales price for single family homes sold decreased slightly from $465,000 in June 2021 to $435,000 in July 2021. North Kona single family homes remained stable last month at $901,000, which is a 24% increase when compared to this time last year. The median sales price for condos last month was $484,500, this is a 47% increase when compared to this time last year.