Trends remained similar last month when compared to July. There remains a decrease in sales and new listings when compared to last year. New listings were down for all property types when compared to this time last year. For single-family homes, there was a 31% decrease in new listings. For condos, there was a 47% decrease and for land, a 27% decrease compared to last year.
There were 58 condos sold last month, representing a decrease of 36% when compared to this time last year when there were 90 condo sales. North Kona represented 79% of all condo sales last month. The other markets with condo sales were South Kohala (10 units) and South Hilo (2 units). For land, there were 197 sales across Hawaiʻi Island in August 2022, which is down by 27% when compared to this time last year. The majority of the land sales took place in Puna (119 sales) followed by Kau (39 sales).
The average number of days on the market in August for single-family homes was 45 days, this represents a 10% decrease when compared to this time last year. Condo listings stayed on the market for an average of 20 days for the second month. Compared to August 2022 this is a decrease of 23%. Land listings remained on the market for an average of just 55 days, representing a 52% decrease when compared to this time last year.
The median sales price on Hawaiʻi Island increased from $461,000 in July to $483,725 in August. This represents a 23% increase year to date compared to last year. Last month, the median sales price for single-family homes in North Kona was $1,049,500. South Kohala had the highest median sales price at $1,065,000.
The median sales price for condos in August 2022 was $597,000 which is an increase from July when the median sales price was $540,000. Condo prices have increased by 33% year to date when compared to last year. South Kohala had the highest-priced condos with a median sales price of $692,500. The North Kona median sales price for condos was $604,500.
The median sales price for land in August 2022 was $44,000 which is up slightly from $40,500 in July 2022. There has been a 17% increase in the median sales price for vacant land compared to last year.