Read the Hawaii Island Real Estate Market Report here! The market has slowed considerably when compared to this time last year across all property types.
READ HAWAII ISLAND DECEMBER 2022 MARKET REPORT
Similar to the national real estate market, real estate sales have seen a dramatic decline compared to 2021, which was in many ways an “outlier” of a year for real estate. However, while sales have slowed LUVA Real Estate REALTORS are reporting that when a home is priced appropriately it may still receive multiple offers. In North Kona, Lance Owens stated that “sales have been cut in half compared to last year. But looking at prices, North Kona listings are sold at 95% of the original list price.”
Single-Family Home Sales
For another month, there was a decline in the number of sales for single-family homes on Hawaii Island, representing a decrease of 47% when compared to this time last year. Single-family homes stayed on the market for an average number of 56 days in December, up just slightly from last December. In North Kona, homes remained on the market for an average of 26 days last month. The median sales price on Hawaii Island decreased from $495,000 in November to $462,000 in December. This represents a 6% decrease year to date compared to last year. Last month, the median sales price for single-family homes in North Kona was $1,125,000. North Kohala had the highest median sales price at $1,205,000.
Land Sales
There were 39 condos sold in December 2022, representing a 54% decrease compared to last year. In North Kona there were 23 condos sold last month, in South Kohala there were 12 units sold, and in South Hilo, there were 4 condos sold. Condo listings stayed on the market for an average of 38 days last month, an increase from 26 days in November 2022. Condos remained on the market for an average of 20 extra days this December when compared to December 2021. The median sales price for condos in November 2022 was $610,000, an increase from November when the median sales price was $473,750. Condo prices have increased by 29% year to date compared to this time last year. Condos in South Kohala sold for the highest median sales price at $990,000 followed by North Kona condos which sold for a median sales price of $575,000.
Condo Sales
There were 132 land sales in December 2022, 43% fewer than in December 2021. Land listings remained on the market for an average of 88 days in December, compared to 110 days in December 2021. The median sales price for land in December 2022 was $46,000 which is up from $37,000 in November 2022. There is only a 2% increase compared to last year.