Aloha, friends! The monthly market overview for April has now come available, courtesy of our pals at Hawai’i Realtors®, and it’s time to take another deep dive into the facts and figures to see what’s been going on in the Big Island’s ongoing real estate craze. Let’s get started!
Number of sales declines—but overall prices increase
That’s right: the total number of sales for single-family homes on the island of Hawai’i declined by nearly 18% year-over-year, as 238 sales were tallied for the month of April (there were 290 total sales in April of 2021). Condo sales were also down a whopping 43.4% this past month, with 86 total units changing hands. All in all, year-to-date sales in 2022 are down 10.79% as compared to last year for single-family homes, while condo sales are down 32%.
Well, a few ongoing, pertinent factors appear to be at play:
- The overall lack of housing inventory
- Rising interest rates—which are currently hovering around
- Supply chain issues hampering developers in constructing more housing units
- Growing signs of a potential bear market
It’s been a wild ride these past twelve-plus months, with many sales records being set here on the Big Island (as well as across the Aloha State and across the nation). The competition remains as fierce as ever, especially with a multitude of buyers homing in on a narrow list of available properties—and nowhere is this better illustrated than by the rising median sales price! For the month of April, the median for single-family homes came in at $517,000, while condos sported a $709,950 median. That’s an 8.8% increase for houses and an astonishing 49.62% increase for condominiums! Overall, median sales prices for single-family homes are up 14.13% in the year-to-date (as compared to 2021), whereas the median for condos has grown by nearly 20% through April.
Furthermore, you know even these impressive tallies are misleading when it comes to the Big Island’s most desirable neighborhoods, so let’s turn to Redfin to see where some of our luxury neighborhoods are looking like these days:
- North Kohala home prices are up 76.6%, with a median price of $1.4 million in April
- South Kohala prices are up 40.9%, with a median price of $1.1 million
- Waikoloa Village prices are up 38.8%, with a median price of $970k
- Kailua-Kona area prices are up 38.1%, with a median price of $771k
As you can see, the Big Island’s most sought-after areas are continuing to lead the way as per usual. So if you’re looking to make the big move to the Big Island and setting down roots here to paradise – or hoping to sell your home for maximum value – then give me a call and let’s get started on making all those real estate dreams come true, from mauka to maka’i.