• Cassie Valley, Big Island Realtor

March 2022 Big Island Market Update

March real estate was marked by a low inventory of residential properties as well as a rise in interest rates. Still a supply and demand issue, which promotes a strong Sellers' market. As for the condo market, it is still on fire and keeps in high demand, even as the price of condos rise.

 

Island wide there were 282 homes sold in March at an average price of $520,000, which is a 27% price increase in comparison with a year ago. Inventory for March of 2021 was 11% higher than in 2022.

 

In Hamakua, there were four residential properties sold in March with a median home price of $496,500. In comparison with 2021, this is a 37% decrease in price. As for listing price to the sales price, homes sold in Hamakua at 97.5% of list to the sale price. As for land, there was 1 parcel sold in Hamakua in March, a 5-acre parcel sold at 100% list to the sale price. The overall sales volume of Hamakua in March reached $2,343,000.

 

In North Hilo, there was only 1 residential property sold this March, which sold at $811,200, which reflected a purchase price at 116% of the listed price. There were 5 parcels of land sold in March, at an average list to the sold price of 95%.


 

As for the busier market of South Kohala, there were 26 residential properties sold in March of this year at an average median price of $796,000, a slight 6% increase from the year prior. The overall sales volume was $11,675,500, a 39% increase from 2021. Homes sold at 99.96% of the listing price. The condo market stayed active as ever, with an average median price of $1,369,200, a 100% increase from 2021.

 

Lastly, in North Kona, another busier market, there were 50 residential homes sold in March averaging a median price of $997,500 a 30% decrease in inventory from the year prior, however, a 7% increase in the overall price. Homes sold at 101.8% of the list to the sale price. Total sales volume for residential properties totaled $106,762,650, a 38% decrease from March 2021. Condo sales dropped 30% from 2021, The condo market in North Kona averaged a median price of $545,000 a 28% increase from 2021.

Obviously, the data shows still a very Seller's market and still very competitive for buyers where sales prices are meeting or exceeding the listed price.


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