It’s that time again: the June statistics are in, courtesy of our friends at the REALTORS® Association of Hawai’i, and Karen Bail and co. are here to take you inside the numbers to better understand the latest trends within the Big Island real estate scene!
All in all, in the month of June, the total number of sales for both single-family homes (249) and condominiums (83) were down from this same time last year, to the tune of -10.75% (single-family units) and -21.7% (condos). This is also largely in agreement with a wider trend back on the mainland, where both sales prices and the number of total sales have dropped, certainly by way of comparison to the breakneck pace being set these past few years. While we’d still consider this to be a robust market—both here on island and across the country—there’s no doubt that the market has simmered a tad.
However, the median sales price for single-family homes here on the Big Island was still up 2.13% year-over-year, checking in at $480,000 in June, while the median sales price for condos grew by over 23% at $599,900.
Furthermore…what monthly check-in on all the latest stats would be complete without taking a glimpse into the figures for the Big Island’s most-desirable neighborhoods? Without further ado, courtesy of Redfin.com!
- Kailua-Kona: $700k, up 16.7% since last year
- Waikoloa: $689k, down 8.1% since last year
- Waimea: $1.4 million, down 21.4% since last year
- Hawi: $580k, down a whopping -65.9% since last year
- Kapaau: $695k, up 9.3% since last year
Overall, the latest figures present a decidedly mixed bag for the month of June here on the island of Hawai’i. On the one hand, the year-over-year medians for the entire island (and with regard to multiple kinds of units) continue to grow, yet the sales have inarguably slowed—not to mention the drops in median sales price in some of our island’s most-prestigious, sought-after areas.
Overall, consider this to be both in line with normative trends and influenced by much larger factors at play. The onslaught of supply chain issues, rising interest rates, etc. have taken their toll on buyers, resulting in some slight cooling off in our overheated, competitive marketplace. Furthermore, don’t forget that luxury inventory has increased month-over-month since the turn of 2022, growing by as much as 14% by way of comparison to this same time in 2021.
Let’s also remember that, per a report released by the Corcoran Group around the May numbers, “…2022 statistics still show over 100%-150% more sales and inventory at least 40% lower than average.” The report goes on to note that "May 2022 registered a 32% increase in sales against May 2021, although there was a small decrease in numbers against previous months. However, price points remained steady."
With all that going on, it’s all but assured that Hawai’i’s ongoing housing market intrigue will continue to carry over into the remaining months of 2022. Be sure and keep it here for all the latest news and analysis from the Big Island’s #1 realtor of choice!