As we head into the season of spring break and ski week, traditionally one of the busiest times for real estate in Hawaii, it is helpful to be aware of the past three months’ market activity. With $411.9M in residential and land sales so far this year, we have seen a slight increase in sales from the same time period last year. As the MLS statistics below show, we have seen a 9.27% increase in overall sales volume on the Big Island this year to date.
First Quarter Sales Volume
|Total Sales Volume||$377,008,613||$411,948,783|
Luxury Market Update
Seventeen luxury homes and condos (defined as having sold at a price greater than $3M) have closed so far this year; 9 between $3-5M, 6 between $5-10M, and 2 for greater than $10M.
Luahinewai, the highest sale of the first quarter of 2016 on the Big Island, closed for $15.7M on March 31, 2016
The highest priced sale on the Big Island for the first quarter of 2016 was the spectacular beachfront Luahinewai, located on the Kohala Coast, and closed on March 31, 2016 for $15.7M. It was listed at $16M by Adam Atwood, MacArthur Sotheby’s International Realty, and sold by Carrie Nicholson, Hawaii Life Real Estate Brokers. Two vacant land listings have sold for over $3M this year, one of which was an 8.4 acre parcel on Ali’i Drive, listed at $6.5M and sold for $4.5M on February 20, 2016.
Active Luxury Listings
The inventory of luxury listings on the Big Island is plentiful, with 40 residential homes and condos actively listed for over $3M. Of those, 16 are located in Kukio and 9 in Hualalai Resort.
Nani Paniau in Puako, currently the highest priced listing on the Big Island at $35M | (MLS# 289121)
Newly constructed properties at the Shores at Kohanaiki Resort, located a few minutes south of the Kona Airport, offers several of the noteworthy luxury listings currently available on the market.
Kohanaiki Lot 83, actively listed at $18.5M | (MLS# 292729)
Of the 7 vacant land parcels listed at over $10M, the 21+ acres of oceanfront property just south of Waikoloa is particularly significant (MLS# 276184). It has been listed since August 2014 at $20M. Here’s to a successful second quarter on the Big Island of Hawaii!
For more information on the luxury market or current offerings on the Big Island, please contact me.