Hawai’i Life has just released its 2022 Year-End Hawai’i Luxury Market Report, which shows that across our island chain, the real estate market saw high-end sales increase steadily throughout the year. Statewide, luxury sales surpassed every year in the past decade in both number of transactions and total dollar value, with the exception of 2021. Real property values in the luxury market also continued to rise, in spite of fluctuating interest rates.
On Hawaii Island we saw $927.4 million in total transactions in the luxury segment in 2022, more than double the $455.5 million seen in 2017, prior to the Covid-19 pandemic. The island tallied 64 condominium sales, 73 residential sales, and 20 land sales above $3 million in 2022 and, of the four most-populated islands, Hawaii Island saw the most land sales last year.
That included the highest oceanfront vacant land sale sold on Hawaii Island, Kaupulehu Phase I, Lot 1A with 3.64 acres. Listed with Carrie Nicholson, Realtor, Hawaii Life at $35 million and Sold by Kukio Properties at $33.750 million in April, 2022.
Big Island luxury homes stayed on the market for an average of approximately 69 days in 2022 compared to nearly 145 days in 2021, reflecting significantly fewer days than the other major Hawaiian Islands. Home buyers paid an average of 97.8% of the listing price and some of Hawai’i Life’s highest residential transactions also occurred here, with the 37 sales above $3 million totaling $221.74 million in 2022.
Cheers to exceeding those numbers again in 2023! Click Here to read the full HL1 Luxury Market Report.
More Information
For more information on Hawaii Island real estate opportunities, please contact: Carrie Nicholson, R(B), BIC, Director -HL1-Big Island, (808) 896-9749 or carrie@hawaiilife.com
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