There’s no doubt about it: 2021 was an unprecedented year across the board. The ongoing pandemic has certainly made life hard for so many and has affected nearly every aspect of our lives. But who would have guessed that the pandemic would also directly lead to one of the hottest real estate years ever to be on record?
To that end, the final tallies for 2021’s real estate stats on the Big Island are officially in, and they’re certainly a doozy! In total dollar volume, 2021 saw the island of Hawai’i tally $4,394,115,729 in sales—a 73% increase over the total dollar volume for 2020 (which came in at $2.5 billion)!
Meanwhile, the median sales price across the island checked in at $480,000 for 2021, a 17% increase from 2020’s median. However, having said that…don’t be fooled by such a relatively low number! As we’ve illustrated in our previous entries, the island’s median sales price—while often more indicative of the total trends than simply utilizing the average—can still be quite misleading. To wit, check out the median sales prices in 2021 across a few of our island’s neighborhoods for single-family homes:
- Puna: $300,000—a lower median than the island-wide median, but also a 24% increase from the Puna median of 2020! (Which was $242k)
- Ka’u: $297,000
- Hamakula: $495,000
- North Kohala: $813,000, an 8% increase over 2020
- South Kohala: $837,00, a 24% increase
- North Kona: $928000, a 19% increase
- South Kona: $675,000, an 18% increase
In other news, condos also enjoyed quite a renaissance over the past twelve months, rocketing up to $936 million in total dollar volume in 2021—an 80% increase over 2020’s totals. Growing 22% by the median sales price to $480k, the same certainly holds true for the numbers being highly neighborhood-specific:
- South Hilo: $170,000
- South Kohala: $792,500, a 34% increase
And finally, the median price of vacant land rose to $40k this past year, a 51% increase over 2020 (which came in at $26.5k). You can really spot the differences here!
- Puna: $32,500
- Hamakua: $325,000, a 10% increase
- North Kohala: $359,000, a 33% increase
- North Kona: $550,000, 61% increase
- South Kona: $219,000, a 90% increase
It really goes to show you the diversity that one can find here on the Big Island. Even when it comes to the media, outlier prices in the highest and lowest-priced areas of the island can have a major effect on the final numbers. As always location is paramount, with many of the Big Island’s most-desirable neighborhoods checking in with median and total volume sales that are well and above the island’s totals.
It’s been our honor to be the Big Island’s realtors of choice for over forty years now, welcoming new neighbors into our lives and our extended ‘ohana. Mahalo nui loa for making us such a success, and here’s to 2022 bringing you and yours health, happiness, and a new island home here in paradise