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While still a sellerʻs market, over the past two months the general pulse on the market has begun to slow down slightly. There were no drastic changes in the number of sales last month, indicating not too much variation in the inventory and absorption period. Last month there were 259 single family homes sold, which is down a few units from September and a decrease of 8% when compared to this time last year. Condo sales dropped by just a few units last month when compared to September 2021. There were 76 condos sold in October 2021. This represents a 6% increase when compared to this time last year. For land, there were 225 sales across Hawaiʻi Island, with over half of them in Puna. This represents a slight decrease when compared to September 2021 and an increase of just 1% when compared to this time last year.
The average days on the market continue to trend down for single family homes, condos, and land listings. However, compared to this time last year the average DOM has dropped drastically across the board. For single family homes, the average DOM was just 33 days, compared to 67 days in October 2020. On average, North Kona homes stayed on the market for 18 days. Condos stayed on the market for just 22 days, compared to 90 days in October 2020. North Kona condos, which consistently accounts for the majority of condo sales, stayed on the market for 15 days. Land listings stayed on the market for an average of 82 days, down from 149 in October 2020.
Every market on Hawaiʻi Island has seen significant price increases when compared to this time last year, with prices increasing an average of 18%. The median sales price for single family homes was $480,000 last month for Hawaiʻi Island. North Kona had the highest median sales price last month at $970,000.
The median sales price for condos increased to $555,000 last month, jumping from $467,500 in September 2021. The 22 units that sold in South Kohala triggered the steep increase with a median sales price of $1,230,000. Overall, prices have increased by 23% when compared to this time last year.
The median sales price for land sales remained the same at $42,250 for the second month in a row. However, when compared to this time last year there has been an increase of almost 100% in the median sales price for land sales.