One question I am often asked is “how is the market doing right now ?”, referring to the Real Estate Market in Hawai’i. Today, I would like to share with you this newly released Q2 2022 data and statistics to show how the market is doing.
Inventory
There are currently 547 active residential listings on Hawai‘i Island, an increase of 64.3% comparing Q2 2022 to Q2 2021. Number of single-family homes available for sale is rising as inventory experiences upward shift. There were 753 sales on the Big Island in Q2 2022, a decrease of -9.7% over 834 sales in Q2 2021. Homes under contract were 684, a decrease of -18.8% over the same period last year, in which 842 homes were under contract in Q2 2021.
Our current luxury home listing in Kailua-Kona
Average Sales Price
For the second quarter of 2022, the average sales price of single family homes on the Big Island was $917K, a decrease of -5.8% over the average sales price of $973K during Q2 2021. Price of single family homes shows a tendency to decline.
Days on Market
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. The downward trend indicates a move towards more of a Seller’s market. While some of the previous 12 months have been outliers, the overall trendline shows that Days on Market is decreasing. Q2 2022 reported an average number of days on the market as 47 DOM, a decrease of -29.7% compared to 67 DOM Q2 2021.
West Hawaii Island Residential Update
Now let us move our focus on the West Side of the Big Island. Here is the latest Q2 2022 statistics with a comparison with Q2 of the previous year, 2021.
As you can see on the table above, Western Hawaii the market is strong, with the number of sales going up 57.0% from the last year.
Sale Price movement is also up in Q2 2022, with the home price up 2.7%. – $1,881,00 compared to #1,831,000. from last year.
While we see an upward movement in pricing, there is a downward movement on average days on market.
Q2 2022 showing an average of 41 days on the market, compared to 70 from Q2 2021, which leads me to believe that it is still a Seller’s market.
Here is a short video recap of the Q2 2022 Market Report. Contact me to request for a more detailed report, or if you have any questions on the current Big Island real estate market.
Hawai’i real estate can be complex right now. I’m here to help.
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