The number of single family homes sold in January decreased from 217 sales to 206 sales in February 2022. Compared to last year at this time, this represents a decrease of 5%. The majority of the homes that sold were in Puna (94 sales), followed by South Hilo (39 sales), and North Kona (37 sales).
There were 84 condos sold last month, which is up from 65 condos sold in February 2021. 48 of the sales were in North Kona, 25 in South Kohala, and 10 in South Hilo. Sales are down by 16% when compared to this time last year.
For land, there were 208 sales across Hawaiʻi Island in February, which is up a few units when compared with February 2021 when there were 231 sales. Last year at this time, there were 231. There were 10% more sales last February when compared to February 2022. 124 of the sales were in Puna.
The average days on the market in February for single family homes was 37 days, which is down from 41 days in January. This is a decrease of 42% when compared to this time last year. Properties in North Hilo and Hamakua sold the quickest last month, at 9 and 17 days respectively.Condo listings stayed on the market for an average of 30 days in February 2022, which is down significantly when compared to February 2022 when condos remained on the market for 67 days. North Kona condos stayed on the market for an average of just 18 days. Land listings remained on the market for an average of 106 days, which is down 37% when compared to this time last year. Land in North Kona sold the quickest, averaging just 60 days on the market.
The median sales price for single family homes on Hawaiʻi Island dropped slightly last month in February at $517,500. North Kona home prices stayed above the million dollar mark with a median sales price of $1,097,000, North Kohala home prices hit above one million dollars last month with a median sales price of $1,502,500. This represents an increase of 1.4% when compared to this time last year. The median sales price for condos in February 2022 was $547,500 which is an increase from January when the median price recorded at $500,000. Condo prices have increased by 12.3% when compared to this time last year. Similar to last month, condos in South Kohala sold for the highest price at $1,125,00.
The median sales price for land in February 2022 was $40,000, which is down slightly when compared with January 2022. This represents an increase of 8% when compared to this time last year.