The Summer Season is Winding Down—and Condo Sales Prices Went Through the Roof!

The Summer Season is Winding Down—and Condo Sales Prices Went Through the Roof!

  • Karen E. Bail
  • 09/17/22

As summer comes to a close—and whale season begins to kick off in the near future!—it’s that time again to check in on all the latest facts and figures for real estate sales across the island this past month, this time courtesy of our friends over at Hawai’i REALTORS®. One thing’s for certain—you never know precisely what’s in store when it comes to Big Island real estate…but that’s part of why we love this job!

Before we check in on the condominium market, let’s take a look at how single-family homes fared island-wide, shall we? For the month of August, the median sales price for all single-family units sold on the Big Island of Hawai’i checked in at $485,000, a drop of 2.02% from August of 2021’s median ($495,000), yet nevertheless an increase of 6.12% from the previous month this year, which was $457,000 back in July.

Overall, not too shabby! As we’ve discussed in our recent posts, the market is well on its way to normalizing and correcting back to its more-normative rate of growth seen back in 2019, which was still nevertheless quite impressive in its own right.

Having said that, there was indeed a big winner for the month of August: condominiums! That’s right, the median sales price for all condo units on the Big Island came in at $597,000—a 32.6% growth August of 2021’s median, and a 10.5% increase from just the month prior!

And why did condominiums rocket upwards as the median sales price for houses remained hovering around half a million? There are several likely reasons for such a month-to-month/year-over-year shift…but our best guess is simply that some absolutely exquisite units hit the market in some of our most-prestigious neighborhoods, e.g. Kailua-Kona, the Kohalas, etc.!

On the whole, remember that the Big Island’s real estate marketplace has cooled from the frantic pace of the past few years, even though the overall sales numbers and medians remain extremely healthy. Simply stated, we’d never seen a seller’s market quite like the period between 2020 and the present, which means any letdown in the tallies was sure to be notable—even if said letdown was simply a return to a still-impressive overall rate of growth and appreciation.

Speaking of growth, appreciation, and exquisite units for sale…have you taken a look at some of the condos and single-family homes for sales as of late? Do yourself a favor and head on over to our portfolio to scope out all the latest and greatest listings coming our way.

Curious about listings across the Big Island? Check out our listings page to see what’s available in every corner of the island!

In need of an estimate for selling your current property? Plug in the address and get started on your free home estimate!

From start to finish, let Karen Bail and company help you make the sale—or the purchase—of your dreams this fall. Aloha and mahalo!

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Karen provides the most current and accurate market information, tapping into her vast network of industry professionals. She continually draws from her extensive marketing experience to offer creative marketing strategies and produce impeccably high-quality marketing materials.