Friday October 6th, 9 pm Shrek Rave @ da Playground
Saturday October 7th, 9 pm Pineapples Comedy Show @ Island Hopper Taproom
Saturday October 7th, 7 am to 11 am Upcountry Farmers Market
Sunday October 8th, 3 p, Ukulele Festival @ MACC
Sunday October 8th, 8:30 am Kamaaina Sundays @ Iolani Palace
The major Hawaiian islands’ real estate markets each have unique traits. On Oahu, condos average $624,700 on the list, while mansions average $1.4 million. Homes normally sell for 98.26% of their asking price, while condominiums typically sell for 98.18%. A robust market is indicated by the average price per square foot of $647.33 for houses and slightly higher $670.07 for condos. On Oahu, homes go quickly; they typically take 19 days to sell, whereas condos take slightly longer—23 days.
With homes on Maui at $1.8 million and condos at $1.1 million, the island has higher average costs. For houses, sellers typically get 94.83% of their market price, and for condos, a healthy 98.10%. Homes cost $843.75 per square foot and condominiums $1,122.22, which is a pretty high price per square foot. On the other hand, homes and condos on Maui typically remain on the market for 105 and 104 days, respectively.
With average home prices of $1.7 million and condominiums at $819 thousand, Kauai offers a more moderate market. Homes here sell for 93.10% of their advertised price, while condominiums sell for 96.64%. For residences, the price per square foot is $976, while for condominiums it is $916. Homes in Kauai sell at a somewhat faster rate than condominiums, with an average of 58 days for a home and 36 days for a condo.
On the Big Island, where average house costs are $789,000 for homes and $912,000 for condominiums, there are more reasonably priced possibilities. Here, properties usually sell for close to market price; residences sell for 96.84% and condominiums for a robust 98.95%. Notably, condos are more reasonably priced at $708.13 per square foot, whereas residences are substantially more expensive at $2,919.61. For homes, the average period on the market is 61 days, while for condominiums, it is 36 days. These figures demonstrate how Hawaii’s islands have different real estate markets that suit different price points and tastes.
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Oahu
According to information provided by the Honolulu Board of REALTORS®, the O’ahu real estate market showed mixed tendencies in August 2023. Closed sales for single-family houses decreased significantly year over year (down 19.7%) and for condos (down 16.9%). While condo sales remained steady, single-family house sales saw a noticeable 12.5% increase over the previous month. Single-family homes witnessed a minor year-over-year decline in median sales prices, falling 1.4% to $1,110,000, but condos saw a 3.3% increase to $515,000 instead. Positive trends are developing despite obstacles like increased interest rates, particularly in the active inventory and a minor increase in single-family home buying activity month over month.
Maui
Higher mortgage rates, increasing sales prices, and a housing shortage have all had an impact on the summer homebuying season. Since May, mortgage rates have been above 6.5%; in August, they reached their highest level in two decades. As a result, existing-home sales have decreased by 2.2% from month to month and by 16.6% from the same period last year, according to the National Association of REALTORS® (NAR).
Condominiums (31.4%) and single-family houses (49.1%) saw large drops in new listings. For single-family homes, pending sales grew somewhat (1.6%), but for condos, they significantly decreased (37.1%). Single-family house inventory fell by 31.5%, while condominium inventory fell by 12.1%.
Due to the insufficient supply, property prices remained high despite reduced sales. A 1.9% increase from the prior year, NAR reported a national median existing-home price of $406,700. The decrease in the number of available homes—14.6%—increased competition and price inflation. Closed sales decreased by 16.3%, the median sales price increased by 1.7%, and there were 18.2% fewer properties for sale.
Kauai
When compared to the same month in 2022, Kauai’s real estate market experienced a significant increase in median sale prices in August 2023. The price of a home increased by an astonishing 77% to $1,725,000, while the price of a condo increased even more dramatically by 89% to $1,012,500.
However, sales activity on Kauai decreased despite the price growth. Comparing August 2018 to August 2022, home sales were down significantly (53%) and condo sales (-45%).
In August 2023, Kauai likewise had a rise in the median days on the market. In comparison to the prior year, homes took 88% longer to sell, with a median days on market of 15, and condos had an 86% rise, with a median days on market of 13.
Big Island
The Big Island’s real estate market showed higher median sale prices in August 2023 compared to the corresponding month in 2022. In comparison to the prior year, home prices increased by 3%, reaching $497,000, while condo prices increased by 3%, reaching $612,500.
Sales activity on the Big Island decreased despite the price increase. Comparing August 2022 to August 2023, there was a noticeable -10% decline in home sales and a -14% decline in condo sales.
In August 2023 on the Big Island, the median days on the market increased. Compared to the prior year, homes took 32% longer to sell, with a median days on market of 29, while condos had an 80% rise in market time, with a median days on market of 18.
Governor Josh Green issues the following update. Survivors have until September 15, 2023, to submit an application for American Red Cross temporary emergency housing. Through 2025, FEMA will continue to offer direct leases and grants for rental assistance, providing housing stability using funding from the federal government, states, and humanitarian relief. Residents who have been harmed by the wildfires are urged to get help, and those affected continue to receive support.
Read the entire article via the Maui News here.
Hawaii Real Estate Blog 