Presented by Amber Haley, RS | 808.707.8917 | [email protected]
Q2 2022 Reveals Replenished Inventory as Price of Single-Family Homes Drop
Hawai‘i Island Market Statistics Overview
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.
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.
Average Price Per Square Foot
Since Median Sold Price and Average Sold Price can be impacted by the mix of high or low end properties on the market, the Average Sold Price per Square Foot is a more normalized indicator of the direction of property values.
For the Big Island, the Average Sold Price per Square Foot has shown a steady increase over the last 12 months, with the year over year increase growing to $565/foot at the end of June 2022, an increase of 6.6% comparing Q2 2022 to Q2 2021.
Residential properties are commanding more value per square foot.
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.
Months of Inventory
Current months of inventory available is 1.8 months, an increase of 44.7% comparing Q2 2022 to 1.3 months in Q2 2021.
The real estate market on Hawai’i Island sees a notable increase in new inventory.
Hawaii Island Snapshot
This snapshot gives you an overview of the kind of activity we are seeing in different parts of the Island. Contact me for details.
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Sources & Disclaimers: Residential data compiled from Trendgraphix.com as of 7/8/22, based on public MLS sales, listing, pending, inventory, days on market, etc. data. In the event that sales were not yet recorded, or errors or omissions in the public data not yet corrected may impact the accuracy of these statistics.