MARKET REPORTS

MAUI RESIDENTIAL SALES

Hawaii Island Residential Sales

The Big Island real estate market maintained its current sales pace in May. However, an increase in single-family home sales at lower price points, combined with a slowdown in sales above one million dollars, pulled median prices down. Unexpectedly, the condo market set a new record for median sales prices, reaching $837,500, driven by a wave of luxury sales in Mauna Kea, Mauna Lani, and Keauhou. Overall, buyers continue to have the upper hand, but sellers with well-priced and well-presented properties are still going into escrow quickly.

Oahu Residential Sales

May was a steady month for the Oʻahu real estate market, with key indicators holding at recent levels. Favorable tailwinds heading into the peak summer season remain, as pending home sales reached their highest levels since May 2023. As available inventory gets bought up, an increase in median prices and faster days on market can be anticipated. A dip in mortgage interest rates would certainly drive competition as well.

Kauai Residential Sales

Single-family home sales on Kauai have pulled back significantly, dropping from a recent high of 40 sales in March to just 19 in May. Despite the slower sales pace, median prices have remained strong. With a surplus of new inventory on the market, it continues to be a favorable time for buyers. On Kauai, 47% of homes and 85% of condos sold below asking price. While this is notable, it serves as a reminder to sellers that the market will determine pricing, and price negotiations should be expected.

Hawaii Market Update

In this report you will find 2024 year to date sales trends across the Hawaiian Islands, including our latest luxury listings!

Hawaii Market Update

With 2023 officially in the books, a word best used to summarize the overall Hawaii real estate market might be “resilience.” Despite many headwinds that led to softening consumer confidence and growing concerns about affordability across the islands, median prices held strong, properties continued to sell, and fears of a larger economic recession waned as the year progressed.

Now, as we head into the new year with mortgage interest rates on the decline, be on the lookout as 2024 is poised to present a variety of opportunities for both buyers and sellers.

Hawaii Market Update

As we cross the midpoint of 2023, the Hawaii real estate landscape continues to adapt to higher mortgage interest rates and tighter inventory levels. While the year started off sluggish due to a spike in mortgage interest rates that edged out many prospective buyers, the market has since shown signs of rebounding. 

With so few homes for sale across the islands, sellers remain in control of the market. However, properties that are priced too high or do not present well are seeing an increase in days on market. 

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.