While historically low inventory combined with enough buyer demand have prevented any dramatic change in the median price point and average days on the market, these two factors are equally responsible for creating fluctuations in sales volume.
Corcoran Pacific Properties is pleased to present a closer look at Hawaii’s luxury real estate market, which includes detailed statistical analysis for your in-depth review on Oahu, the Island of Hawaii, Maui, and Kauai for September 2023.
September’s data shows mixed results for luxury properties across the Hawaiian Islands, mostly driven by factors occurring over the last year. While historically low inventory combined with enough buyer demand have prevented any dramatic change in the median price point and average days on the market, these two factors are equally responsible for creating fluctuations in sales volume.
Photo: courtesy of Corcoran Pacific Properties
In the single-family market, overall, figures show an increase of 18% (77 to 91) compared to September 2022 but a decline of 11.6% (103- 91) against August 2023.
- Oahu’s sales declined by 8% (37 to 34) compared to September 2022. However, they have dropped by nearly 21% (43 to 34) from August 2023.
- Maui’s sales increased by 92% (13 to 25) compared to September 2022 and rose by 47% (17 to 25) from August 2023. These are welcome numbers in light of the recent tragic events but show continued respect and desire for the lifestyle and culture of this incredible island.
- Kauai’s sales declined by 43% (7 to 4) compared to September 2022, with only a slight decline from 5 to 4 sales from August 2023.
- Hawaii Island’s sales also increased by 40% (20 to 28) compared to September 2022 but fell compared to August, by 26.3% (from 38 to 28).
In the attached market, overall, figures show a decrease of 11% (153 to 136) compared to September 2022 but a small increase of 1.5% (134 to 136) against August 2023.
- Oahu’s sales declined by 12% (107 to 94) compared to September 2022 but increased by nearly 12% (84 to 94) from August 2023.
- Maui’s sales decreased by 24% (21 to 16) compared to September 2022 and fell by 40.7% (27 to 16) from August 2023.
- Kauai’s sales declined by 27% (11 to 8) compared to September 2022 but saw a slight increase from 6 to 8 sales from August 2023.
- Hawaii Island’s sales increased by 29% (14 to 18) compared to September 2022 and slightly increased compared to August, from 17 to 18 sales.
Demand remains robust like other U.S. luxury markets, but it’s only for certain luxury properties. Today’s buyer has more discerning expectations, primarily to purchase a property in good to excellent condition, priced to the market, and offers them value for money. For sellers, this doesn’t necessarily mean dropping the price but ensuring their property is move-in-ready.
Photo: courtesy of Corcoran Pacific Properties
It is now more important than ever to work closely with a real estate expert familiar with local trends, as they are the best resource to navigate the specific and varied markets within the Hawaiian Islands.
You can view the full report here (flipbook) and download the (pdf) copy here.
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