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Year to date, there have been 730 residential home sales across the Big Island compared to 805 in the first quarter of 2021, a decrease of ↓9%; 236 apartments sold compared to 323 in the first quarter of 2021, a decrease of ↓27%; and there were 754 vacant land sales compared to 747 during the same period last year, a slight increase of ↑2%.

In addition, average residential property sales prices across the island increased by ↑17% compared to last year. Likewise, median sales prices for condominiums are up ↑14% year over year, and median sales prices for vacant land are up ↑26% this year compared to the first 3.5 months of last year.

As we move into the second quarter of 2022 on the Kohala Coast, we are seeing unprecedented levels of demand with virtually no inventory. We do not expect demand to decline; however, the decrease in the number of quality properties available for sale in the luxury segment is proving to be our market’s biggest challenge in 2022.

The following strong first quarter 2022 results from Mauna Kea and Kohala Coast Resorts explain the unprecedented level of demand in our market. Inventory is tighter than ever, but properties are being snapped up at the fastest pace they’ve ever been, selling almost as soon as they hit the market. Prices continue to rise, but overall sales volume and number of sales are declining due to inventory shortages.

Sale of Mauna Kea Resort

1 sq. 2022: 23 sales (down 8% y-o-y)
Q1 2021: 25 sales
Q1 2020: 9 sales
Q1 2019: 6 sales

Kohala Coast Sales Exceed $1 Million (South Kohala Area)

1 sq. 2022: 77 sales (3% increase year-on-year)
Q1 2021: 75 sales
Q1 2020: 32 sales
Q1 2019: 19 sales

Kohala Coast Sales Exceed $3 Million (South Kohala Area)

1 sq. 2022: 20 sales (up 54% y-o-y)
Q1 2021: 13 sales
Q1 2020: 10 sales
Q1 2019: 1 sale

Average Sale Price at Mauna Kea Resort

1 sq. 2022: USD 3.313 million      (up 21% y-o-y)
Q1 2021: USD 2.729 million Q1
2020: USD 3.212 million Q1
2019: US$1.651 million

Average Sale Price on Kohala Coast (South Kohala Area)

1 sq. 2022: USD 1.432 million      (up 22% y-o-y)   
Q1 2021: USD 1.170 million Q1
2020: 874 thousand US dollars Q1
2019: $633 thousand

Kohala Coast Total Sales (South Kohala Region)

1 sq. 2021: USD 250 million         (down 6% y-o-y)
Q1 2020: USD 266 million Q1
2019: USD 176 million Q1
2018: US$89 million

West Coast buyers are making a big splash on the island of Hawaii

California homebuyers accounted for nearly a third of total sales on each of the two islands last year: $1.1 billion of the $4 billion spent on homes in Hawaii and $495 million of the $1.6 billion on Kauai .

Here are some interesting details within these overall numbers:

2019:  Hawaii Island’s sales of just under $4 billion last year were double those of 2019, the last full year before the Covid-19 pandemic. According to statistics, more homes were sold on the island of Hawaii last year – 5,724 houses and apartments, which is 47% more than in 2019.

Kohala Coast:  More than three-quarters of Hawaii Island’s total sales in 2021—$3.1 billion, or 78%—came from the Kohala Coast region, which also includes the North Kona Coast. The 2,450 sales in the area accounted for 43% of the island’s total sales.

Local buyers versus mainland buyers:  

48% of individual sales were from Hawaii buyers

22% of buyers were from California

8% of buyers were from Washington State

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