• Cassie Valley, Big Island Realtor

2021 Big Island Real Estate Market Report

Updated: Jan 2

2021 Market Update for the Big Island of Hawaii


This truly was a whirlwind of a year for real estate on the Big Island of Hawaii. Bidding wars, escalation clauses, and lack of inventory were all terms any prospective Buyer quickly became acquainted with. Although inventory stayed low, the total sales volume across the island more than doubled in comparison with 2020, reaching a grand total of $2,767,234,829 in 2021.

Below are the 2021 stats for the real estate market island-wide, as well the insights for the regions of the Big Island in which I specialize.

 

Island Wide: In 2021, there were 3,173 residential homes sold on the Big Island of Hawaii, which was a 19% increase in inventory compared to 2020. That 19% increase is not saying much, however, given that the Big Island was essentially shut down for COVID for about half of 2020.


As stated above, the total sales volume for 2021 increased by 53% in 2021 and the median sales price for residential properties rose 16% from 2020 to a median price of $475,000.


The condo market this year was extremely active. 1166 condos were sold in 2021, a 53% increase from 2020. The overall sales volume for condos was $931,027,072, an 80% increase from last year, and the median-priced condo in 2021 was $480,000.

 

Hamakua: Hamakua is a smaller market, given the population of its biggest town is only about 2000 people. Inventory is historically low and this year was no different.

In 2021, there were 75 residential properties sold, which was an increase from 2020, in which there were 70 properties sold. Unlike the majority of the island, the average-priced homes stayed steady and did not increase or decrease significantly The median home price for Hamakua in 2021 was $495,000 in comparison with the 2020 median price of $499,750, a .5% slight decrease. Despite this slight decrease in median price, the overall sales volume of Hamakua increased 37% from $40,688,300 to $53,328,500.

The land market in Hamakua was undoubtedly more active this year. The overall sales volume of Hamakua increased by 137%. There were 23 parcels of land sold in Hamakua, however, in 2021, there were 40 parcels sold. That is a 74% increase in inventory for land this year. The median price of land had about a 10% increase.

Personally, 40% of my business this year was dedicated to selling land in Hamakua.

 

South Kohala: South Kohala is undoubtedly a bigger market, in regards to the number of inventory available.


In 2021, there were 309 residential properties sold and 419 condos sold. That is a 10% increase in residential and a 50% increase for condominiums. The overall sales volume for South Kohala residential properties reached $527,702,266, an increase of 58% from 2020. As for condos, the overall sales volume was $472,350,239, an 83% increase compared to the year prior.


The median-priced residential home in South Kohala was $832,000, while the median-priced condo was $795,000 in 2021. This is an increase of 23% and 34%, respectively.

 

North Hilo: Although a smaller market as well, the North Hilo was incredibly active this year. The overall sales volume for North Hilo increased from $14,325,780 to $23,937,200, which is a 63% increase.


There were 35 residential homes were sold, a 25% increase in inventory, but the biggest change in North Hilo was the median sales price. It increased 51% to a median price of $620,000 in 2021.


Land in North Hilo also exploded this year and overall sales volume increased by 400%. In 2020, only 10 parcels of land were sold, however, in 2021, there were 40 parcels sold, a 300% increase.

 

As for North Kona, which is a much larger market, 674 homes sold in 2021, at an average of $925,000, which was a 20% increase in price compared with 2020. The total volume of sales in the North Kona market reached $1,260,278,698, reflecting a 71% increase from 2020. 641 condos in North Kona sold in 2021, a 60% increase from the year prior. The median condo price in North Kona sold for $415,000, a 12% increase in price from 2020. The total volume of sales for condos doubled as well in 2021.


Overall, condos and land sales really seemed to be the most active transactions in Big Island real estate in 2021. The overall sales volume speaks for itself, despite low inventory. Although I do not have a crystal ball, I personally am looking forward to the real estate market in 2022, as I feel more properties will come onto the market and prices will stay steady.


Still have questions about the real estate market on the Big Island or want to be a part of the action?












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