Hawai’i Life recently released our Q3 2022 Luxury Market Report and as we take a look back at the third quarter of this year, it’s clear that Hawai’i Island is coming down from pandemic-related highs. In the third quarter of 2022, we saw luxury sales and pending properties down from the same quarter in 2021, and months of inventory and prices up on the Big Island.
Luxury inventory in West Hawai’i was up by +66.7% in the third quarter, while the number of sales dropped -26.3% over the same period. In Q3 2022, the number of active residential listings grew, and with the end of the year approaching, we anticipate that this growth in luxury inventory will continue.
West Hawai’i Luxury Market Highlights
For specifics on this downward shift in West Hawaii’s sales and other fundamental market trends, take a look at the top Luxury Market Q3 2022 findings here:
- For Hawai’i Island’s luxury market, average days on market (DOM) for the third quarter of 2022 was 104, up +9.5% from 95 days in the third quarter of 2021.
- Months of inventory rose from 3.9 months in Q3 2021 to 12.2 months in the same quarter of 2022.
- Pending luxury properties were down from 28 in Q3 2021 to 13 in Q3 2022.
- In West Hawai’i, the average sold price per square foot climbed to $1,661/foot, an increase of +9.4% comparing Q3 2021 to Q3 2022.
- Luxury property sales were 14 in Q3 2021, as compared to 19 in Q3 the previous year.
When comparing Q3 2021 to Q3 2022, Hawai’i Island saw a decrease of -53.6% in pending luxury properties, which is the largest downward shift in the state. For perspective, Maui and O’ahu also saw pending properties decreased by approximately half.
While the third quarter of 2022 saw a downward trend in sold listings throughout the island chain, Hawai’i Island saw the least amount of decline in sales. As months of inventory and prices rose in Q3 2022, market conditions normalized on the Big Island.
Luxury Residences on the Market
Part of the unparalleled collection of Hale ‘Alani Residences, Hale ‘Alani Six is a single-level, open-concept residence in the 450-acre, members-only golf club residential community of Kohanaiki. Featuring a 3 bedroom and 3.5 bath main house, as well as a 1 bedroom, 1 bath detached ‘ohana for guests, Hale ‘Alani Six also has a 776-square foot lanai for enjoying West Hawai’i outdoor living at its best. This residence boasts a private front courtyard, an infinity-edge pool, spa, outdoor shower, copper roof, stucco walls, mahogany sliding pocket doors, to name a few of the distinctive features.
Situated on the fairway of the 8th hole of the Rees Jones-designed golf course, the west facing views of the sunset from this Kohanaiki gem are stunning. And Hale ‘Alani Six is just steps away from the sparkling blue Pacific, ancient lava flows, and the beautiful beaches of the Kona Coast.
Owners at the Hale ‘Alani Residence enjoy the benefits of The Kohanaiki Club, a private equity club that is by invitation only to Kohanaiki Property Owners. An ultra luxe club and resort community, the many highlights of living in Kohanaiki include the members-only Rees Jones 18 Championship golf course, a clubhouse that includes a fitness center, a full service spa, a Chop House and Sushi Bar, a four-lane bowling alley, members-only wine lockers, and a movie theater, and more.
Click here to view the property details for this spectacular offering.
If you’d like to have a more detailed, confidential conversation about the luxury market or you need anything at all, contact Leanna and me anytime. And be sure to subscribe to our newsletter for all quarterly market reports.
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