MARKET REPORTS

MAUI RESIDENTIAL SALES

Hawaii Island Residential Sales

The Big Island real estate market is heating up as summer approaches. For five consecutive months, there has been an increase in total sales, with buyers continuing to purchase properties in less than 30 days. Properties at the higher end of sales prices in neighborhoods are selling, but at a slower pace. Most notably, condos set a new record median sales price reaching $785,000 in April, driven higher by the 6 closings at Hale Hinahina in Kohanaiki, which had an average sales price of $4.8M and 29 total condos sold above $1 million.

Kauai Residential Sales

In the market for a single-family home? Be prepared to act fast; one-third of new listings went under contract in less than a week. For single-family homes under $1 million, center your focus around Lihue, Kawaihau, and Waimea. With regards to the condo market, much remains unchanged as current conditions of limited inventory and median prices in the $900k range prevail.

Oahu Residential Sales

As we enter the peak summer home-buying season, the Oahu real estate market is holding steady in part due to continued buyer demand. With the extended delay in forecasted mortgage interest rate improvement, we anticipate sales to remain steady with only moderate price increases. A slight drop in days on market indicates that buyers are becoming more active, especially for properties with high curb appeal.

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.