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November Marketing Statistics
The Big Island real estate market showed a number of trends in November 2023:
The median price of single-family houses was $499,000 in 2023; there were 659 active listings, 236 new listings, and 212 listings in 2022. Listings that were sold saw a decline to 135 from 172 in 2022, with an average of 63 days on the market.
The median price of condominiums was $539,000 in 2023; there were 117 current listings, and 50 new listings were added compared to 64 in 2022. Along with a fall in average days on market to 31, sold listings in 2022 dropped to 29 from 31.
With 1111 active listings and 228 new listings in 2023 compared to 218 in 2022, the median price for land transactions was $43,000. In 2022, there were 122 sold listings; in 2023, there were 129, with an average of 132 days on the market.
The Maui real estate market displayed shifts in November 2023.
Homes had 47 sales, a 25.4% decline from 2022; the average days on market was 111 days shorter, and the median price increased to $1,100,000, a 7.3% rise from 2022. But the dollar volume dropped to $75,188,325—a 10.9% decline.
53 condos were sold in the sector, a 25.4% decrease from 2022, and an increased average of 128 days on the market. The dollar volume decreased slightly by 0.74% to $95,057,030, but the median price increased by 4.7% to $890,000 from 2022.
Land sales saw a sharp decline, with just 9 lots sold—a 52.6% drop from 2022. The market’s average days on market increased to 402, a 117.3% increase from 2022. However, the dollar volume significantly dropped by 51.5% to $7,777,000. Meanwhile, the median price surged to $800,000, indicating a significant gain of 48.1% from 2022.
The single-family home, condo, and land movements in Kauai’s dynamic real estate market in 2023 exhibit a variety of patterns and performances.
The remarkable $1,300,000 median price for single-family houses indicated a strong market. The days on the market, however, stayed at 100 days, indicating a fair but somewhat longer selling period. In spite of this, there were always 25 sold listings, demonstrating a constant pace of demand and turnover in this market. When comparing listing activity, there were 124 fewer active listings than the previous year, and there were 34 less new listings in 2023 compared to 39 in 2022.
Condos, on the other hand, with their median price of $650,000, offered a more affordable entry point. Compared to single-family houses, properties in this sector looked to be on the market for an average of 50 days, suggesting a slightly faster turnover. There was an increase in sold listings from 20 in 2022 to 23 in 2023, indicating that demand was trending upward. The number of new and active listings in the segment increased as well; in 2023, there were 35 new listings and 97 active listings, up from 27 in 2022.
In the meantime, Kauai’s land market, with a median price of $7885,000, displayed unique dynamics. The average period that lands were listed was 99 days, which is comparable to the length of time that single-family homes are listed for. Nonetheless, there was a minor decrease in the quantity of sold listings from 7 in 2022 to 6 in 2023, suggesting a relatively slower pace of turnover for this kind of real estate. The quantity of new listings increased from 12 in 2022 to 26 in 2023, perhaps reflecting an increasing interest in land investments or developments. The number of active listings was stable at 119.
The 2023 Oahu real estate market saw a notable upsurge in single-family and condominium sales. Properties in both categories had an average of just 22 days on the market, demonstrating the quick pace. With 192 units sold over the course of the year, single-family homes commanded a good median price of $1,094,000, resulting in a remarkable total dollar volume of $270,735,783. This strong result suggested that there is a substantial market on the island for upscale residential real estate.
Concurrently, Oahu’s condo market had robust dynamics of its own. 314 units were sold in 2023, with a median price of $515,179—a greater affordability quotient than single-family dwellings. This produced a considerable $210,689,124 dollar volume, highlighting the popularity and traction of condominiums among purchasers. The quick turnover and robust sales figures in both property classes indicated that Oahu’s real estate market would be vibrant and active in 2023.
2023 is still going strong. There were 82 purchases of land on Oahu in 2023, with a median price of $850,000 and a significant monetary volume of $132,137,892.
October Statistics
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.
New Project Breaks Ground
The $135 million Hale O Pi’ikea development in Kihei began with a groundbreaking ceremony. 223 reasonably priced rental units will take the place of a planned movie theater and commercial space. In light of the thousands of people who have been affected by recent wildfires in Lahaina, the project, headed by ‘Ikenakea Development, aims to accommodate housing demands. The project, which will have one to three-bedroom apartments in each of its three phases, is anticipated to be finished by the end of 2025. The designs were changed in 2022 to favor affordable housing based on input from the community. The original Kihei Downtown Project included a movie theater and commercial space. The project’s affordability is intended to help those whose earnings are at or below 60% of the area median income, with rentals determined by federal regulations and Maui County. In addition, Hale O Pi’ikea will have features like a fitness facility, community gardens, and a resource center for the community, all of which will help to achieve the larger objective of creating a welcoming neighborhood.
View the entire article via The Maui News here.
Diwali Celebration
Millions of Hindus, Sikhs, and Jains celebrate Diwali, a five-day festival of lights that represents fresh starts, the victory of light over darkness, and good over evil. It also coincides, for some, with harvest and new year celebrations. The festival takes place on a different date every year, usually in October or November. Diwali falls on November 10–14 in 2023, with Sunday, November 12, serving as the main festival day.
For Hindus, Sikhs, and Jains, the many festivities have their origins in unique historical occurrences and tales. Hindus celebrate the day the Mother Goddess Durga slew the monster Mahisha and the return of the gods Rama and Sita to Ayodhya following their 14-year banishment. The foundation stone of the Golden Temple was laid on Diwali in 1577, indicating that although Sikhs celebrate the release of the sixth guru, Hargobind Singh, in 1619, the festival was observed earlier. Jains commemorate Diwali in remembrance of Lord Mahavira’s attainment of Moksha, also known as nirvana or eternal pleasure.
Among the customs associated with Diwali are adorning dwellings with colorful rangoli patterns, lighting diyas or candles, cleaning the house, and buying lucky gold or silver objects. People visit friends and family for gift exchanges, celebrations, and indulging in delicious delights like jalebi, kaju katli, gulab jamun, and burfi. Fireworks and sparklers light up the festivities.
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