Hawai’i Island Real Estate Market Update: January 2022

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The number of single family homes sold in January decreased from 289 sales in December 2021 to 217 sales in January 2022. Compared to last year at this time, this represents a decrease of 11.4%.

There were 65 condos sold last month, which is down from 85 condos sold in December 2021. In January 2021, there were also 85 condo sales across Big Island. Sales are down by 23% when compared to this time last year.

For land, there were 227 sales across Hawaiʻi Island in January, which is up a few units when compared with December 2021. Last year at this time, there were 213. There were 6% more sales this past January when compared to January 2021.

The average days on the market in January for single family homes was 41 days, which is down from 42 days in December. This is a decrease of 45% when compared to this time last year. Properties in North Hilo and North Kohala sold the quickest last month, at 12 and 24 days respectively.Condo listings stayed on the market for an average of 18 days in January 2022, which is just one day longer than December 2021. This is down 89% when compared with January 2021. North Kona condos stayed on the market for an average of just 15 days.

Land listings remained on the market for an average of 99 days, which is down 38% when compared to this time last year. Land in North Kohala sold the quickest, averaging just 10 days on the market.

The median sales price on Hawaiʻi Island remained high again in January at $538,000. North Kona home prices stayed above the million dollar mark with a median sales price of $1,033,000, which remains the highest priced market on the island by over $150,000.

The median sales price for condos in January 2022 was $515,000 which is an increase from December when the median price recorded at $471,088. Condo prices have increased by 11% when compared to this time last year. Condos in South Kohala sold for the highest price at $950,000.

The median sales price for land in January 2022 was $47,000, which is down slightly when compared with December 2021. This represents an increase of 51% when compared to this time last year.