You may have heard—being a faithful reader of our blog and all!—that the state’s luxury home market (roughly defined as those homes that sold for $3 million or more) declined in total number of sales by 22% last year as compared to 2021.
However, this is why a deeper dive into the numbers for context is always paramount: within this, there were over $3.7 billion in sales of residential properties (single-family units, condos) in 2022, which was more than double the sales volume of 2019, the last year on record before the pandemic came and held sway over the sales statistics.
That’s a pretty big difference!
Furthermore, it was a tale of two half-years in 2022 with regard to the decline in high end home sales:
- The first six months of 2022 saw record-breaking numbers
- The final six months evidenced the decline, yet sales numbers and sales prices remained extremely high, with scads of buyers still competing for the island’s best homes
And how did the Big Island fare regarding luxury home sales overall in 2022?
Let’s take a look!
- 157 total home sales of $3 million or more
- Total volume of these sales: $927.4 billion
- 16 total home sales of $10 million or more
- The biggest sale of 2022: $33.75 million (for vacant land in Ka‘ūpūlehu)
Pretty impressive stuff! It just goes to show you that the numbers can always be deceiving—and that’s why you need the expertise of a true real estate professional to shepherd you towards the home sale or purchase of your dreams. Karen Bail has been the Big Island’s best realtor for decades and counting, so give her a call and let’s swing for the fences together in 2023!