It’s time again to check in on what’s shaking in the wide world of real estate here on the Big Island as we take you deep inside the numbers for all the latest news and analysis here in paradise (and a big shout-out to our friends @ Fidelity National Title & Escrow of Hawai’i, who are always on point and on time with the latest facts and figures for the month that was).
First, let’s situate the big picture on the Big Island:
- The median sales price for single-family homes island-wide came in at half a million dollars even, representing an 8% growth year-over-year from July of 2021.
- The median sales price for condominiums actually eclipsed that of single-family homes, checking in at $570,000 for July.
- Land prices grew 30% year-over-year in July to $48,000
Overall, however, the total dollar volume of sales to date in 2022 is down 14% from this same time last year, with $2.3 billion changing hands through 7 months (whereas $2.75 billion had sold to date in 2021).
What’s more, having situated all of that, let’s get to it and check in on the figures from those upscale neighborhoods in the year to date thus far!
- South Kona: 71 single-family homes sold for a median sales price of $760,000, 2 condos sold for a median of $457,000
- North Kona: 301 single-family homes sold for a median sales price of $1.09 million, 283 condos sold for a median of $535,000
- South Kohala: 141 single-family homes sold for a median sales price of $900,000, 209 condos sold for a median of $1.1 million
- North Kohala: 54 single-family homes sold for a median of $1.03 million
- Hamakua: 40 single-family homes sold for a median of $617,000
Of course, it’s also useful to note our usual caveats in all such things:
- Don’t forget that the median sales price for the island of Hawai’i is often deceptive, as the number is not reflective of the median sales price in many of our most exclusive and sought-after neighborhoods
- Total sales continue their trend towards stabilization and normalization, falling far more in line with nominal growth curves expected from sales numbers all the way back in 2019 (and adjusting for the pandemic-related influences)
- Sales numbers and several challenging factors have been heavily intertwined as of late, both here on the islands and nationwide.
On the whole, there’s little doubt that the Big Island’s real estate marketplace has cooled from the frantic pace of the past few years. Sales remain robust—and there’s no lack of eager buyers on the horizon, for that matter!—but as we’ve shared in our previous posts, total sales are likely to fall back in line a bit from the pace set by eager buyers across the globe.
Stay tuned for more top-shelf news and analysis from the Big Island’s #1 realtor of choice, and mahalo nui for stopping by 🤙