It’s never been a better time to SELL your property along the Kohala Coast-Call me to LIST AND SELL!!!!

When comparing January 2022 and January 2021 one has to consider that January 2021 was the beginning of explosive market conditions. The most explosive statistics are the increase in average sales prices of CONDOS (+23%) and VACANT LAND (+27%)-see below!

January 2021 was one of the first months where Hawaii lifted a majority of travel restrictions. A Better comparison is probably to the 2019 real estate market but for simplicity sake, here are some “fun facts” comparing January of 2022 vs. 2021 for the entire Hawaii Island for all classes of real estate. Watch the full video for more interesting stats and review the complete report for other districts.

Island of Hawaii Unit Sales Stats for January 2022 VS. January 2021

• Single Family Homes- Down 31 sales to a total of 212 units from 243 units in 2021. Market is supply restricted so no surprise.
• Condos-Down 19 units to 65 total closed sales vs. 84 holds in 2021. Market is supply restricted so no surprise.
• Land-Up 13 units to 225 total closed sales from 212 in 2021. Market is less supplied restricted and shows this with positive unit growth in 2022 versus 2021.

Single Family Homes Specific Stats:

Median Sales Price:

$539,000 in January 2022 VS. $460,000 or an increase of 23%. This is also near the 2021 National price appreciation average.

Days on Market:

38 days in January 2022 vs. 76 days in January 2021-Down 50% Year over Year for the month. Days on market for specific property classes to follow.

New Listings

Up 13.8% to 247 from 217. As prices have risen Market supply increased so no surprise.

Condominium Specific Stats:

Median Sales Price:
$515k in January 2022 vs. $469,500k in 2021 +9.7%. These sales are primarily in the Kohala Coast Resorts and Kona market.

Days on Market:
20 days on average in January 2022 vs. 139 Days on Average in 2021. Down 85.6%.

New Listings:
76 (2022) vs. 83 (2021). Down -8.4%. Market is supply restricted but improving.

Vacant Land Specific Stats:

Median Sales Price:

$47k vs $37k for those sold in January 2022 VS. (2021). Up 27%. I’ve predicted this positive trend for 18 months!! Land Market is less supply restricted and average price reflects sales mainly on east side of the island where lots and land are plentiful and less expensive.

Days on Market:

101 Days on Market for sold in January 2022 VS. 162 Days on market average for those sold in January 2021. Down 37.7%. Sellers must be very pleased. I’ve predicted this positive trend for 18 months!!

New Listings:

262 New Listings in January 2022 vs 264 in January 2021. Down 0.8%. Sellers are jumping into the positive market. Land is hard to sell in average or down markets as further development and improvements are needed. Land is desirable as prices rise of developed properties as there is the chance of improving the property with a home and the total cost of land and improvements is less than a developed property.

Written by Rick Oliver on February 7, 2022
Posted in: Blog, Real Estate |