After a strange and challenging couple of years, things are slowly making their way back to normal—or at least towards a new sense of normal, that is!
With the statewide mask mandate set to expire on March 25th and the Safe Travels program slated to conclude
the next day on the 26th, travelers from across the U.S. are expected to make their way to Kaua’i in droves soon thereafter, which will have major ramifications across several sectors of the island—particularly within real estate.
It’s been a wild ride these past twelve-plus months, with many new records being set as buyers local and abroad look to secure new properties in paradise. January’s numbers certainly came in strong to kick off 2022…but how are things looking as the year
February Facts and Figures: No End in Sight in Hawai’i’s Scorching Season of Sales
Indeed, the February 2022 sales statistics are hot off the presses (as compiled by Old Republic Title),
and the big headline is that the Garden Isle’s real estate market has continued its hot start to the year, effortlessly picking up from 2021’s near-unbelievable pace.
Let’s check in on the median sales prices across the island:
Single-family homes: $1.34 million, a 37.5% increase from the year prior
Condominiums: $762,500, a 12.9% increase
Vacant land: $500,000, an 8.1% increase
Furthermore, Koloa was the big regional winner this past month, with an increase in sales volume of over 20% ($48.3 million) in comparison to February of 2021.
On the whole, limited inventory of available units (and land) continues to be the primary driver of record and near-record setting prices, both here on Kaua’i and across the state—even as interest rates finally start to rise from their own near-historic
lows across the previous year. Look for the trends here to continue throughout 2022, with minimal fluctuations in available housing and the higher median prices across the Aloha State.
With the competition for available properties remaining stout, it’s always best to rely on the steady, experienced guidance of a professional when navigating the marketplace. Thankfully, Wai’oli Properties are the experts in every aspect of Kaua’i real
estate—from sales to short-term rentals and property management—and we’re standing at the ready to help you bring those island dreams to fruition. So if you’re ready to get started, then drop us a line and let’s get going today!
PS: Speaking of giving aloha to the ‘aina, did you know that our friends over on Maui have recently enacted new legislation banning the sale of sunscreens which contain ingredients known to be harmful to our ecosystem? Set to take effect in October of this year, it’s a critical step to help better educate kama’aina and travelers alike as to the dangers non-mineral-based
sunscreens pose to our coral reefs, animal populations, and the health of our natural environment across the islands.
To learn more about how you can malama ‘aina, visit Hawaii.com’s guide to reef-friendly sunscreens to see how you can help to protect the abundance and health of our lands. Aloha!