Is 2022 Keeping Pace with 2021’s Record Sales Figures?

Is 2022 Keeping Pace with 2021’s Record Sales Figures?

  • Karen E. Bail
  • 05/14/22

The first quarter of sales figures are officially in the books!

As we await the release of April 2022’s stats and tabulations, it’s worth taking a deeper dive into the first three months of the year to see how things stack up by way of comparison to 2021’s record-setting pace, particularly as the overall real estate picture begins to blur in the face of looming and ongoing inflation, supply chain issues, and rising mortgage rates—not to mention a lack of available units for sale.

While the median sales price on the island of Hawai’i isn’t necessarily reflective of sales within many of our hottest neighborhoods (as we’ve previously discussed), it’s still notable that the median through the first quarter of 2021 is nevertheless 17% larger year-over-year, coming in at $525,000 in the first quarter of this year, a 17% increase from 2021 ($450,000). The same holds true for the median price of both condominiums ($547,500 thus far, a 14% year-over-year increase from 2021) and land ($47,540, a 27% increase).

And how about the sales in some of the aforementioned most-desirable neighborhoods on the Big Island?

  • North Kohala
    • 26 homes sold a median sales price of $975,000, an 11% increase from 2021
    • 21 parcels of land sold at a median of $450,000, a 22% increase
  • South Kohala
    • 69 homes sold at a median of $875,000, an 18% increase
    • 87 condos sold at a median of $1,100,000, a 62% increase
    • 28 parcels sold at a median of $598,000, an 80% increase
  • Hamakua
    • 13 homes sold a median of $750,000, a 45% increase
    • 7 parcels sold at a median of $380,000, a 52% increase
  • North Kona
    • 132 homes sold at a median of $1,095,000, a 21% increase
    • 111 condos sold at a median of $495,000, a 21% increase
    • 41 parcels sold at a median of $629,000, a 28% increase
  • South Kona
    • 37 homes sold at a median of $775,000, a 16% increase
    • 40 parcels sold at a median of $288,000, an 80% increase

Overall, while the total dollar volume of sales thus far in 2022 is slightly down from 2021’s record-setting pace ($988 million, off last year’s pace by 13%), the momentum and demand of the marketplace remain strong. The Big Island is home to some of the world’s most sought-after homes, and there’s never going to be a lack of interest in picking up stakes and relocating here in paradise.

As such, while rising mortgage rates are likely to frustrate first-time buyers looking to break into the market, the price of admission for Big Island living is always going to remain higher relative to the mainland (where the median also recently set an all-time high of $373,500).

Be sure to check back with us next week for a deeper dive into the newly released figures and tallies for April!

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Karen provides the most current and accurate market information, tapping into her vast network of industry professionals. She continually draws from her extensive marketing experience to offer creative marketing strategies and produce impeccably high-quality marketing materials.