Aloha! The January numbers are in for us to take a look at how condos sold last month compared to January of 2022. So here is where we sit today: Tourism opened back up in early April of 2021 and we’ve had 10 months of constant real estate activity in the vacation rental condominium market. The lack of inventory is starting to show up in the condominium sales figures just like we’re seeing in the housing numbers.
Let’s break this down:
Island wide the number of condo sales are down -38.46%. On the South Shore we had sold 13 condos in January 2021 compared to just 6 in 2022. North shore sold 7 condos in January 2021 and 3 in 2022. The Lihue area, which has the most residential condominium complexes island wide, was up from 8 sold in 2021 to 10 in 2022.
The Median Price is down island wide by -8.41% but when we break it down we see a different story. On the North Shore the Median Price for a condominium is up 48.33% and in Lihue it’s up 37.86%. However when we look at the South Shore it’s down -25.96% and that number is skewed by one particular condo complex which is the Kiahuna Plantation. This is a leasehold property and the prices are very low because you are not buying the land. Right now, there is only 1 fee simple 1 bedroom in Poipu Beach for sale, that’s really abnormal. So while it looks like the number is down it’s only because of a lack of inventory.
These numbers are general in nature and might not reflect your particular area of interest, please give me a call to see how these numbers relate to what you are interested in.
Mahalo!
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Lynda Gill RS Lic. #63088
Hawai’I Life Real Estate Brokers
808.346.0056
LyndaGill@HawaiiLife.com
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