MARKET REPORTS

MAUI RESIDENTIAL SALES

Hawaii Island Residential Sales

The Big Island real estate market is approaching a crossroads—total sales for single-family homes and condos approached 10-year lows with just 7 more sales in January 2023 compared to the low of 162 sales in May 2019. With so little inventory for sale, median prices have continued to stay within the range of recent highs. With both buyers and sellers at a standstill, days on market have continued to climb month after month reaching 35 days in January up from just 13 days in July of last year.

Kauai Residential Sales

Looking for a property to purchase on Kauai? Be patient, persevere, and stay prepared to act fast. In January 2023 there were only 23 single-family home and 29 condo listings. With continuously low inventory for sale, only 40 properties sold in January 2023. While the median price for homes dropped to $81 OK this month, it is important to remember that with so little sales, big variations in data are to be expected. Those keeping a close eye on Kauai’s real estate market should focus on inventory for sale while monitoring how fast properties go into escrow.

Hawaii Market Update

After the pandemic year of 2020 and the record-setting rebound market of 2021, the past twelve months brought a much-anticipated correction to a red-hot housing market in 2022. For those looking to purchase property in the year ahead, it is important to not get distracted by the big numbers reported every month. In every real estate market, there are opportunities. By understanding the local nuances of each neighborhood or condo complex, having your finances in order, and staying committed to your goal, Hawaii homeownership is still achievable. 

Hawaii Market Update

As anticipated, Hawai’i’s real estate market has returned to
“pre-pandemic” levels as sales activity has resumed a more
moderate pace and median sales prices have retracted
from all-time highs of the last two years. Even though the
market has slowed — in part to rising mortgage interest
rates and concerns about an economic recession — a
general lack of inventory continues to favor sellers. Buyers,
however, are beginning to take back control as days on
market and the overall number of price reductions have
both increased in recent months.

Hawaii Market Update

Across the globe, the Hawaii luxury home market has consistently ranked among the premier destinations for individuals seeking the ultimate island lifestyle while maintaining access to modern conveniences, limitless activities, and privacy. In the wake of the recent COVID-19 pandemic, the Hawaii luxury home market was red hot as many flocked to the islands to embrace all Hawaii has to offer. Subsequently, between March 2020 and June 2022, there were 1,874 luxury home sales totaling $7.984 billion.

Learn more about 2022 sales trends across Maui, Hawaii Island, and Kauai, and browse all new and active listings year-to-date with this in-depth luxury summary.

Hawaii Market Update

Inventory, inventory, inventory. Across the Hawaiian Islands, the residential real estate market continues to remain extremely competitive as the lack of properties for sale has driven median sales prices for single-family homes and condos to all-time highs throughout the first quarter of 2022. Now into the fourth month of the year, the story remains the same: those looking to buy should be ready to move quickly with a strong offer, and with properties selling as fast as they come on the market, the time to sell is now.