Hawaii Market Update October 2024

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Hawaii Real Estate Market Summary

Explore Hawaii’s real estate market? Oahu, Big Island, Kauai, and Maui single-family home and condominium trends are summarized here.

On Oahu, single-family homes average $1.4 million in list price and sell for $1.3 million. The highest transaction was $14.5 million, and houses sold in 17 days.

Condominiums: List prices average $655,700, with sales prices at $642,800. The top condo sale was $4.9 million, and the average days on market is 25.

The average list price of single-family homes on Big Island is $798,100, but the average sales price is $1.1 million, showing high demand. The biggest transaction was $54.5 million, and residences average 60 days on the market.

Condominiums: Big Island condos average $935,200 list price and $915,200 closing price. Condos listed for 63 days and sold for $4.8 million.

Kauai Single Family Homes: Listings average $1.8 million and sell for approximately $1.7 million. The market averaged 55 days and the highest selling was $6.5 million.

Condominiums: Average list price is $945,000, selling for $901,900. The highest condo sale was $2.5 million, with a 70-day average.

Maui’s single family home market is top-tier, with an average list price of $2.1 million and a sales price of $2 million. Property listings last 144 days, and the top selling was $26.5 million.

Condominiums: Listings and sales average $1.2 million. Average market duration is 139 days, while the most expensive condo transaction was $7.1 million.

Each Hawaiian island has a unique real estate market, from luxurious homes to tranquil condos. The market has something for every buyer, from Oahu’s quick speed to Maui’s high-end, slower turnover.

Thank you Title Guaranty Hawaii for the information.

Time Change This Sunday

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Maui Update

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Aloha All!

Get ready to experience the thrill of enjoying whales. We are excited to announce the first whale has been spotted off the shores of Kaanapali. This is the beginning of yet another awe-inspiring whale season! These majestic creatures return each year to Maui to birth their young and continue the cycle of life. Get ready for a season of unforgettable encounters and cherished memories!”

Maui Update: The upcoming elections have caused many to sit back and wait to make decisions. The outcome will affect not only the United States as a whole, but also for Maui. Whomever is elected to the new Maui County Council will end up affecting Maui’s economy. There are several different bills and studies, the South Maui Plan as well as Mayor Bissen’s Bill that would affect some private vacation rentals. It’s very complicated and if you would like more details, please email us or call either Clint or Bob.

Concerned about what you’ve recently heard? Be cautious of misinformation: Make sure to verify any information you come across regarding changes in Insurance, Real Estate Laws or Contracts, whether it’s from blogs, newspaper articles, friends or other sources. Call us with any questions. We are here to help.

Speaking of statistics, in September 2024, U.S. existing-home sales fell by 2.5% from the previous month and 4.2% from the prior year, with a seasonally adjusted annual rate of 3.86 million units. Home prices hit record highs, with a median sales price of $416,700, a 3.1% increase year-over-year. Despite slower sales, NAR’s chief economist expects improved sales ahead due to rising inventory and potentially lower mortgage rates. On Maui, new listings for homes dropped significantly, pending sales rose sharply. Condominium Inventory has surged most probably due to the uncertainty of Maui County Government changes.

The real estate market on Maui has been significantly impacted by a combination of factors, including rising home prices, limited inventory, and the aftermath of recent wildfires. The demand for homes remains strong but is showing some signs of weakness. Local residents face challenges as housing affordability continues to decrease. The destruction caused by the wildfires in Lahaina and other areas has further strained the housing supply, leading to a surge in rental demand, especially long-term. As a result, property values in certain areas are expected continue to rise at a moderated rate, but uncertainty remains as the island works to recover and rebuild.

As we near 2025, many of our friends and clients are pausing to reflect on their goals and how real estate aligns with their overall life plans. Share with us what speaks to you, and we’ll offer insights to help you navigate your next steps. We are eager to support you on this journey!

Keep informed with our blog where local information and statistics are posted:

https://blog.mauirealestate.net/

Enjoy our informative radio program: https://www.youtube.com/channel/UChcOyThjgwJgO5fV72YQVtg

If you would like a copy of our newsletter to share let us know at dad@mauirealestate.net

Clint Hansen BIC R(B)   21616

808-280-2764     

Bob Hansen PB R(B)    17532                 

808-283-9456

Donna D. Hansen R(S)  49765          

808-280-1650

MAUI LUXURY REAL ESTATE LLC

The Hansen Ohana ~ Maui’s Real Estate Family for over 30 years

Inter-Island Ferry

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Community members recently gathered at the Kahului Community Center to discuss the feasibility of an inter-island ferry system between Maui, Lana’i, and Molokai. Councilman Tom Cook expressed strong support for the ferry, emphasizing the urgent need for it to begin operating. The meeting, led by Brian Mills and other officials, explored the potential benefits, such as providing essential transport for medical needs and emergency evacuations, especially for Molokai residents. Attendees also voiced concerns about the future of the Lana’i Ferry and the need for improved facilities and accessibility on the new ferry.

View the entire article via The Maui News here.

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!