January 2023 Market Update on the Big Island

If you are looking for an update on the market conditions on the Big Island, we've got you covered. Keep reading for a brief summary of the market conditions in 2022 and their comparison to 2021, and contact us any time to learn more about a specific market on the Big Island. 

Median Sales Price for Single Family Homes on the Big Island

The median sales price in 2022 for single family homes on the Big Island was up 4.82 % from 2021, increasing from $477,000 to $500,000. The change between 2021 and 2022 in median sales price for single family homes varies from -2.36% to 26% among the 9 regions represented, with the only decrease in median sales price seen in Ka'u and the most significant increase in North Kohala.

Closed Sales for Single Family Homes on the Big Island

In 2022, there were 2,611 closed sales on single family homes on the Big Island, a decrease of 18.79% from 2021's closed sales on single family homes, which totaled 3,215. The decrease in closed sales among the 9 Big Island regions recorded ranged from  9.28% to 42.86%. 

New Single Family Home Listings on the Big Island in December 2022

On the Big Island in December 2022, there were 137 new listings for single family homes. This number is up from 114 in December 2021. 

Single Family Homes Sold on the Big Island in December 2022

The number of single family homes sold on the Big Island in December 2022 was 150, just a little more than half of the same metric last year. In December 2021, there were 293 single family homes sold on the Big Island.

Median Sales Price for Condos on the Big Island

In 2022, the median sales price for a condo on the Big Island was $572,500. This is up nearly 20% from 2021, when the median sales price for a condo on the Big Island was $480,000.

When comparing December 2022 to December 2021, the median sales price for condos on the Big Island increased from $471,088 to $592,500, an increase of about 21%.

Closed Sales for Condos on the Big Island

There were 792 closed sales for condos on the Big Island in 2022, down about 32% from 2021. In some markets, like South Hilo, this metric stayed nearly identical from 2021 to 2022, while other markets saw a significant slowing. 

New Condo Listings on the Big Island in December 2022

The number of new condo listings on the Big Island in December 2022 was 34. This number is significantly higher than December 2021, when just 20 new condo listings were present on the Big Island.

Condos Sold on the Big Island in December 2022

In December of 2021, there were 85 condos sold on the Big Island. A decrease of over 50% took place in December 2022, when just 38 condos were sold on the Big Island.

Median Sales Price for Vacant Land on the Big Island

The median sales price for vacant land on the Big Island in 2022 was $45,000. This is up from $40,000 as the median sales price for vacant land on the Big Island in 2021. When you take a closer look to consider the unique regions on the island, there is a vast range in median sales price change from 2021 to 2022, ranging from -5.45% to 69.23%. 

Closed Sales for Vacant Land on the Big Island

In 2022 there were 2,462 closed sales for vacant land on the Big Island. This number is down 18.4% from 2021, when there were 3,239 closed sales for vacant land on the Big Island. In South Hilo, the number of vacant land properties sold stayed nearly the same from 2021 to 2022, while both North and South Kohala saw over 50% fewer vacant land closed sales in 2022 than 2021.

New Vacant Land Listings on the Big Island in December 2022

There were 131 new vacant land listings on the Big Island in December 2022. Compared to December 2021 when there were 160 new listings for vacant land on the Big Island, this is a decrease of about 19%.

Vacant Land Sold on the Big Island in December 2022

Vacant land sold on the Big Island in December totaled 132 properties, down over 40% when compared to December 2021's 235 vacant land properties sold. 

It is essential to note that the various regions on the Big Island each have their own unique real estate market, with changes that may or may not reflect the average of the island as a whole. If you are curious about the market conditions of a specific area on the island or wondering where you should buy and sell on the Big Island in 2023, we can help. Contact us any time to learn more!