The number of single family homes sold in March increased from 226 sales in February to 283 sales this last month. Compared to last year at this time, this represents a decrease of 11%. The majority of the homes that sold were in Puna (118 sales), followed by South Hilo (43 sales), and North Kona (49 sales).
There were 83 condos sold last month, which is down only one unit when compared with February 2022. However, this is 39% less than the number of condos sold in March 2021. The low inventory is the main factor for this decrease in the numbers of units sold. 36 units were sold in South Kohala, 33 in North Kona and 13 in South Hilo. For land, there were 318 sales across Hawaiʻi Island in March 2022, which is up significantly from 211 units in February 2022. This is a 4% increase when compared with March 2021.
The average days on the market in March for single family homes was 31 days, which is down from 37 days in February. This is a decrease of 50% when compared to this time last year. Single family homes in North Hilo and South Kohala sold the quickest last month. Condo listings stayed on the market for an average of 15 days in March 2022, which is down from 29 days when compared to February 2022. North Kona condos remained on the market for an impressively low 10 days on average. Land listings remained on the market for an average of 104 days, which is down 48% when compared to this time last year. Land in South Hilo and Hamakua sold the quickest.
The median sales price on Hawaiʻi Island dropped slightly last month in March to $515,000. North Kona home prices stayed above the million dollar mark with a median sales price of $1,014,999 last month. Overall, prices have increased by 20% when compared to this time last year. The median sales price for condos in March 2022 was $650,000 which is an increase from February when the median price recorded at $545,000. Condo prices have increased by 23% when compared to this time last year.The median sales prices for condos in North Kona was $545,000 and in South Kohala, $1,395,000. The median sales price for land in March 2022 was $53,000, which is down slightly when compared with February 2022. This represents an increase of 33% when compared to this time last year.