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

When comparing the first 11 months of 2020 and 2021 one has to consider that 2020 was a lockdown year and 2021 has seen explosive market conditions. The most explosive statistics are the increase in average sales prices of CONDOS and VACANT LAND – see below!

November 2020 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 November of 2020 vs. 2021 for the entire Hawaii Island. Watch the full video for more interesting stats and review the complete report for other districts.

Island of Hawaii Total Sales for first 11 months compared to 2020:

• Single Family Homes- Down 23 units to 223 total closed sales. Market is supply restricted so no surprise.

• Condos-Down 9 units to 71 total closed sales. Market is supply restricted so no surprise.

• Land-Up 16 units to 219 total closed sales. Market is less supplied restricted and shows this with positive unit growth in 2021 versus 2020.

Island of Hawaii Median Price for first 11 months compared to 2020:

• $547,500 in 2021 VS. $447,000 or an increase of 23%. This is also near the 2021 National price appreciation average.

Days on Market:

• 73 days in 2021 vs. 71 days in 2020. Days on market for specific property classes to follow.

New Listings

• Down 13% to 218 from 251. Market is supply restricted so no surprise.

Condominiums:

• Median Sales Price: $600k vs. $447,500k in 2020. +34%. These sales are primarily in the Kohala Coast Resorts and Kona market.

• New Listings: 67 vs. (2020) 93. Down -28%. Market is supply restricted.

Vacant Land:

$78k vs (2020) $35k. Up 123%. I’ve predicted this positive trend for 18 months!!
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.

24 Days on market average VS. (2020) 148 days. I’ve predicted this positive trend for 18 months!!

211 New Listings vs (2020) 184. Up 15%. 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 December 18, 2021
Posted in: Blog, Newsletter, Real Estate |