There’s no doubt about it—2022 was certainly quite a year!
The past twelve months saw a great many things changing around the local real estate scene, from buying trends to mortgage rates and pretty much everything in between. Karen Bail and company, as always, are here to shepherd you through the facts and figures to help you better understand the trends and what they mean to make 2023 your best year yet, combined with unparalleled customer service and knowledge of the local marketplace to boot.
Let’s go to the numbers and see what’s the what!
Overall median declines for single-family units, rises for condos
The median sales price for single-family homes on the Big Island dropped to $461,700 in December, down from $495k in November. As always, these numbers are heavily influenced by the purchasing tallies in communities located in the southern half of the island, as many of our most-desirable neighborhoods in the Kona and North/South Kohala regions remain quite robust. Single-family units were on the market for a median of 30 days before being sold, a decrease from November’s 37 per the median.
Condominiums, meanwhile, saw a rather healthy increase to close out 2022, coming in at $610,000 and sporting quite a leap up from the $473,750 we saw the month prior in November. The past month saw several choice units changing hands, with 9 more condos being sold (39) than in the month prior (30). The typical unit saw only 17 days per the median on the marketplace, a few days higher than in November (14).
Year-end tallies demonstrate strong median prices for many island neighborhoods
On the whole, the Big Island of Hawai’i saw a nice increase in median sales prices for single-family homes (5% increase), condos (19% increase), and available land (13% increase) over 2021. Medians for North Kona (+16%), South Kona (+14%), North Kohala (+26%) and South Kohala (+9%) all enjoyed a continual appreciation throughout the year for single-family units, and condos enjoyed much the same trajectory:
- Kona region: +3%
- Kohala region: +36%
Overall, while the total number of sales slowed down from the torrid pace set back in 2021 (-21%), the Big Island’s real estate marketplace remains quite strong and primed to continue 2023 along much the same lines. Our slower rate of sales and lower total dollar volume of sales this past year ($3.4 billion) are reflective of the market modulating back to its nominal, normative rate of growth from back in 2019, which was still very impressive in its own right. It’s always hard to predict which ways the market will shift, owing to the multitude of factors at play, but we’re confident in saying things are very much looking up for a continued and steady market here in Hawai’i for the coming year and beyond.
And if you’re looking to make a big splash in the ever-changing marketplace, then make sure you give Karen Bail a call. With years of experience and a deep, intimate knowledge of all things Big Island she is without a doubt your very best resource for buying and selling your next home, and all with the impeccable service and top-notch marketing that your transaction deserves.