Hawai’i Island real estate market reflects a ‘more-normal’ pre-pandemic market. Find out more about the real estate market for September 2022 on Hawai’i Island below.
As you can see from the number of sales in September 2022 on Hawai’i Island, there was a significantly less number of sales this year when compared to last year at this time. However, what we are seeing now is similar to what we see in the pre-pandemic real estate markets, with last year being an outlier.
In September 2202 single-family home sales on the Big Island, which is very similar to the previous month with 204 homes sold. This represents a decrease of 25% when compared to single-family home sales last year at this time. There were 47 condos sold last month, representing a decrease of 43% when compared to this time last year when there were 82 condo sales. For land, there were 178 sales across Hawaiʻi Island in September 2022, which is down by 26% when compared to this time last year.
The average number of days on the market in September for single-family homes was 47 days, which is up by just 2 days when compared to August 2022. This represents a 15% increase when compared to this time last year. Single-family homes in North Kona were on the market for an average of 25 days.
Condo listings stayed on the market for an average of 26 days for the second month in a row. Compared to September 2021 this is a decrease of 7%. Land listings remained on the market for an average of just 66 days, representing a 48% decrease compared to last year.
The median sales price on Hawaiʻi Island increased from $483,725 in August to $542,500 in September. This represents a 13% increase year to date compared to last year. Last month, the median sales price for single-family homes in North Kona was $995,000. North Hilo had the highest median sales price at $928,000. The median sales price for condos in September 2022 was $590,000, a slight decrease from August when the median sales price was $597,000. Condo prices have increased by 26% year to date compared to last year. South Kohala had the highest-priced condos with a median sales price of $847,500. The North Kona median sales price for condos was $590,000.
The median sales price for land in September 2022 was $39,250 which is up slightly from $44,000 in August 2022. There has been a 7% increase in the median sales price for vacant land compared to last year.