Mele Kalikimaka, everyone! We hope you had an excellent Turkey Day, and here’s to one of our favorite times of the year 🎄
It seems like just yesterday that we were welcoming in 2022, doesn’t it? And what a year it’s been! From record-setting numbers to interest rates exponentially rising—and thus causing a slowdown of sales both locally and nationally—this year was a year like no other, and we can’t wait to see what’s in store for 2023.
But we’ve still got to close the books on 2022 before that can happen! What’s say we check in with our good friends over at Fidelity National Title & Escrow of Hawai’i to see what’s shaking for the overall numbers and trends in the month of November, shall we?
Medians rise, dollar volume falls
As we’ve seen over the past several months, the median prices for single-family homes ($500k on the nose), condominiums ($570k), and land ($45,000) have all risen year-over-year by way of comparison to last November, by 5%, 19%, and 13%, respectively, keeping in line with the numbers we’ve seen since April. Meanwhile, the total dollar volume through eleven months of the year is currently at $3.29 billion in sales, which is down 18% from last year’s landmark tally of over $4 billion and counting in November of 2021.
Checking in on our favorite neighborhoods
And what of our favorite spots around the Big Island, how did they fare? Let’s take a look!
Single-family homes (totals in the year to date)
North Kohala: 68 homes sold, median of $1.01 million, $99 million sold thus far
South Kohala: 201 homes sold, median of $910k, $316 million sold thus far
North Kona: 441 homes sold, $1.07 million median, $815 million sold thus far
South Kona: 95 homes sold, $760k median, $90 million sold thus far
How about condominiums?
South Kohala: 249 condos sold, $1.08 million dollar median, over $383 million sold thus far
North Kona: 399 units sold, $550k median, over $340 million sold thus far
Looks pretty good, right? That’s because it is—but note that, other than the median sales prices listed above, all the other figures are down anywhere from 4% all the way up to 50% across the island in either number of sales or total dollar volume. That’s because, as we’ve been sharing quite frequently as of late, both the Big Island and the national markets are going through a slowdown that’s correcting to 2019’s more-normative (read: slower-paced) rate of growth.
While there’s still one month yet to go before the year is out, we’re quite certain the above trends will continue, and will likely tell the story for the early-goings in 2023 as well. Stay tuned for all the latest—and if you need help navigating a marketplace in constant flux, then let Karen Bail and co. help you and yours with all your ‘ohana’s real estate needs!