Maui

Significant changes were observed in the property categories of the Maui real estate market. There was a notable downturn in home sales, with 48 units sold—a 39.2% reduction from 2022. The median price increased by 18% to $1,269,025 notwithstanding this decline. Nevertheless, the dollar volume dropped dramatically to $79,995,449, a 44.8% decrease. There was a decrease in condo sales as well, with 61 units sold, a 31.5% decrease from the prior year. Condo prices moderately increased by 4.4% to $835,000 on average, but dollar volume fell by 8.4% to $72,375,687. On the other hand, land sales defied the trend, registering a 12.5% rise in units sold over the course of nine transactions, despite a 30% decrease in the median price to $840,000. Land saw a 12.3% decline in dollar volume as well, coming in at $9,120,000.

The real estate market on Maui in October 2023 is depicted in a variety of ways by these numbers. The median price of homes increased dramatically despite the significant fall in sales volume, suggesting a possible shift in buyer preferences or availability of inventory. Condo sales showed a minor increase in median price but matched the overall trend of lower sales volume. Nonetheless, despite a significant decline in the median price, the land segment showed growth in units sold, suggesting possible changes in buyer interest and demand in Maui’s land market.

Oahu

October exhibited stability in the O’ahu housing market despite a downturn brought on by seasonal factors and rising mortgage rates. Comparing this year to last, sales volume for both single-family homes and condominiums declined moderately, but median prices varied: single-family homes saw a 4.8% increase to $1,100,000, while condos had a 1.0% fall to $515,000.

Sales of single-family homes decreased by 8.2% from the previous month, while sales of condos rose by 6.1%. Sales of both types of housing saw a notable 29% drop on a yearly basis, with median prices for homes declining by 5.1% and for condos by 0.6%. There seems to be a change in the dynamics of the market as fewer homes closed at or over asking prices. In spite of this, real estate still moving quickly; single-family homes and condos typically went off the market in less than 30 days. In addition, the amount of active inventory increased, suggesting an increasing supply, but the two housing markets had different quantities of new listings.

Kauai

The Kauai real estate market in October 2023 showed a variety of data for various kinds of properties. The median sales prices for land, single-family homes, and condos varied from September 2023 to that month. With 128 active listings, 40 new listings in 2023 compared to 39 in 2022, and 26 sold listings in 2023 vs 30 in 2022, single-family houses had a median sales price of $982,500. With 82 active listings, 23 new listings in 2023 compared to 34 in 2022, and 19 sold listings in 2023 vs 39 in 2022, condominiums had a median sales price of $896,000. The median sales price of land properties in 2023 was $1,070,000. There were 108 active listings, 22 new listings in 2023 as opposed to 14 in 2022, and 10 sold listings in 2023 as opposed to 6 in 2022.

The data showed a variety of trends: single-family homes showed a minor decline in median price from September, while land and condominiums both showed price swings and differing degrees of activity with regard to new and sold listings. The length of time that each type of property spent on the market varied considerably; land, for example, spent much longer than single-family homes and condominiums. This suggests that the island’s demand and market dynamics for these property types are different.

Big Island

The Big Island real estate market showed clear patterns in October 2023 for all kinds of properties. The median sales prices of land, condominiums, and single-family homes differed from September 2023. With 603 current listings, 233 new listings in 2023 compared to 228 in 2022, and 172 sold listings in 2023 vs 186 in 2022, single-family houses had a median sales price of $552,500. With 108 current listings, 57 new listings in 2023 compared to 56 in 2022, and 46 sold listings in 2023 vs 40 in 2022, condominiums had a median sales price of $528,750. The data for land properties indicated that there were 1084 active listings, a median sales price of $45,000, 249 new listings in 2023 as opposed to 22 in 2022, and 147 sold listings in 2023 as opposed to 190 in 2022.

These figures showed a variety of changes: land prices fell significantly, but single-family homes and condos saw somewhat constant median prices as compared to the prior month. All property classifications had a drastically different number of active listings, with land having a significantly larger volume of new and active listings than single-family homes and condos. Furthermore, there were differences in the days on market for each of these categories, with single-family homes and condominiums showing comparatively shorter times on the market than land, which was on the market for noticeably longer. The Big Island’s October 2023 market dynamics and demand for each form of property are indicated by this data.