Category Archives: Economy

Update on the Hawaii Real Estate Market Statistics for January 2025

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With significant activity on all islands, the Hawaii real estate market got off to a great start in January 2025. Sales in the residential, condominium, and unoccupied land sectors were consistent on Maui. With 58 sales and a median price of $1,187,500, Maui’s residential market generated $83,444,128 in total dollar volume. With 53 transactions and a median price of $675,000, the condominium market generated $56,140,170 in total dollar volume. Thirteen deals with a median price of $585,000 and a total dollar volume of $19,862,750 were made in the vacant land market.

With 338 total sales, the Big Island saw a notable increase in real estate activity. On the Big Island, median condo prices were $689,500 while median home prices were $595,500. The entire monetary volume was $253,513,541, with the median land price being $45,000.

High-value transactions were evident in Kauai’s real estate market, especially in land and residential sales. A total of 70 sales were registered on the island. In Kauai, the median price of a home was $1,325,000, and the median price of a condo was $800,000. The entire dollar volume was $101,510,800, and the median land price was likewise $1,325,000.

With robust home and condo sales, Oahu continues to be Hawaii’s most active real estate market. There were 196 home sales in Oahu’s residential market, with a median price of $1,120,000. The median price of the 312 transactions in the condominium market was $539,500.

In 2025, the Hawaii real estate market is still strong, with strong demand on all of the main islands. Opportunities are available in the condo and unoccupied land markets, even if median property prices still reflect the upscale aspect of island living. To make wise real estate selections in Hawaii, investors, buyers, and sellers need keep up with market developments. January 2025 has laid the groundwork for a busy year in Hawaii real estate, whether you’re searching for your ideal home on Maui, an investment condo on Oahu, or undeveloped acreage on the Big Island. More information about changing market trends will be available in the upcoming update.

September Market Statistics

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All Hawaiian islands have seen significant real estate market movements. From Maui’s luxury residences to Kauai’s stunning scenery, the market is showing a complex mix of growth, losses, and big price revisions. This year’s performance by region:

Maui Market Statistics:

Single-Family Homes:
Total Sales: 580 properties, up 0.5% from previous year.
Median Sale Price: $1,300,000, up 8.7%.
Sales rose 1.4% to $1,042,117,942.
Condominiums:
Total sales fell 10.1% to 679 units.
Median Sale Price: $900,000, up 9.1%.
Sales volume rose 16.1% to $1,018,536,964.
Vacant Land:
Total sales: 144 items, 14.3% higher.
An astounding 33.4% increase in median sale price: $902,501.
Total Sales: $283,084,001, up 72.3%.

Oahu Market Data:

Single-family homes:
Sales rose 1.9% to 2,210 properties.
Median Sale Price: $1,100,000, up 6.8%.
Sales rose 5.5% to $2,991,846,111.
Condominiums:
Sales fell 5.7% to 3,466 units.
The median sale price rose 1% to $510,000.
Total Sales: $2,100,169,518, down 7%.
Vacant Land:
Total sales: 53 parcels, down 23.2%.
The median sale price rose 4.7% to $890,000.
Total sales fell 35.3% to $76,100,999.

Big Island Market Statistics:

Single-Family Homes:
The number of residences sold rose 1.3% to 1,509.
Median Sale Price: $549,150, up 9.8%.
Sales rose 28.3% to $1,576,940,292.
Condominiums:
Total sales fell 10.9% to 442 units.
Median Sale Price: $680,000, up 14.5%.
Sales volume rose 10.4% to $523,486,621.
Vacant Land:
Total sales: 1,373 lots, down 9.9%.
Median Sale Price: $46,000, up 12.2%.
Sales volume fell 4.3% to $244,118,554.

Kauai Market Statistics:

Single-Family Homes:
There were 284 home sales, a 37.9% increase.
Median Sale Price: $1,400,000, up 21.7%.
Sales volume rose 78.3% to $605,555,821.
Condominiums:
Total sales fell 7.2% to 219 units.
The median sale price rose 8.4% to $769,000
Total sales fell 2.4% to $209,756,653.
Vacant Land:
Total sales: 83 parcels, up 1.2%.
Median Sale Price: $774,500, down 12.7%.
Sales volume rose 5.2% to $101,759,305.

Single-family home and land sales have increased on Maui and the Big Island, but Oahu and Kauai have had mixed results. Condo sales have slowed on the islands, but prices are rising due to island living demand. Maui’s unoccupied land sales volume rose 72.3%, driving up prices.

Thank you to Title Guaranty Hawaii for providing the information. Stay tuned for market insights and updates!

Housing Stats

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Thank you to our friends at Title Guaranty Hawaii for providing us with the statewide statistics through July 2024.

 

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Maui Market Update April 2024

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April 2024 saw a decline in the U.S. housing market as existing-home sales moved away from a one-year peak, declining 4.3% to a seasonally adjusted annual pace of 4.19 million. The National Association of REALTORS® (NAR) has claimed that this decline is the result of rising home prices and interest rates, which have put off some prospective purchasers. A 4.8% increase from the previous month, the median price of existing homes hit $393,500, while the average 30-year mortgage rate has risen beyond 7%.

When it comes to property types, single-family homes and condominiums have very different market dynamics. The number of new listings increased by an astounding 36.6% for condos and 3.7% for single-family houses. But pending sales of condominiums fell by 31.2%, while single-family house pending sales rose by 5.8%. For single-family homes, the median sales price increased sharply by 16.9% to $1,300,000 and for condos, by 8.4% to $962,500. The inventory changes also showed a mixed picture, with single-family home values rising by 1.8% and condominium values rising by a significant 141.0%.

The warmer springtime weather has enticed more sellers to enter the market, despite the obstacles presented by rising prices and loan rates; as a result, overall inventory has increased by 4.7% month over month and 14.4% year over year. As a result, at the present rate of sales, there was 3.2 months’ supply. Nationwide, sales of real estate are happening quickly; the average time a home spends on the market is now 33 days, as opposed to 38 days the previous month. This pattern highlights a continuous demand that surpasses supply, maintaining market competitiveness as the spring purchasing season approaches.

Info from Howard Dicus Hawaii News Now 

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Maui County Council approved an intergovernmental agreement for the state to purchase the 6.2-acre Haggai Institute, intending to convert the former Maui Sun Hotel into affordable housing. Initial occupants will include wildfire survivors and emergency responders, with long-term plans for affordable workforce housing, with 25% allocated for teachers. The agreement outlines collaboration between Maui County and HHFDC for development. The acquisition, funded by a $45 million legislative appropriation, preceded the August 8 wildfires.