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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!

Maui May Update

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Aloha All,

During this Memorial Day Weekend as we celebrate those who have served to protect our freedom and rights, many have become shocked to the reality of how fragile that freedom is. Maui is currently in a vulnerable situation due to our State Representatives passing a new law granting Counties the right to change zoning regulations, and in turn reducing property rights and putting our freedoms at risk. We all are aware of the nightmare that so many West Maui and Upcountry people have endured due to the fires on August 8th, many losing their homes, their businesses, their employment and many losing their lives. It’s a horrible situation. This tragedy has accentuated Maui’s failure, like so many other areas in Hawaii as well as the Mainland, of their ability to provide for adequate housing. Maui’s government immediately turned on the short term rental owners and employees and started on the journey to strip away property rights from many short term rental owners, while ignoring the root causes of the issues which is the failure of government, one of those being too many regulations. Many times we look to the government to solve our problems while the government is the problem.

There is a huge shortage in housing but it’s not because of vacation rentals that were built before hotels, but because of poor planning of our government. The question is “Why punish the population who has worked hard to obtain their property instead of putting their energy into getting the properties built. Most vacation rentals would be very short on parking if they were converted to long term rentals. Vacation rental properties usually have one car parking while most families using long term rentals have multiple cars.

Clint recently interviewed Paul Brewbaker, Hawaii’s well-known economist. Paul explains the ramification of the situation Maui is facing should the new law pass. Following is a link to that interview. You will find it very enlightening. https://www.facebook.com/share/v/5FH15ptSZLxXMSyi/?mibextid=WC7FNe

Another source is Maui Vacation Rental Association which, along with others, is banning together with other associations to resolve these issues appropriately. Connect with them, attend their meetings in order for all of us to get a positive resolution: ­­This link will provide valuable information. https://mvra.net/news

To add insult to injury, the county just passed a whopping new tax hike where hotels are charged less than STR’s. Here’s the link to the new tax rates: https://www.mauinews.com/opinion/columns/2024/05/property-tax-hikes-wrong-way-to-rebuild-lahaina/ Keep in mind that while tax rate on less expensive properties may remain the same they will still pay more taxes due to the increase in assessed valuation by the county.

This Maui bill has not passed as yet and they will be having public comments at the Council Meeting in the near future. By the way, the other islands are also experiencing similar problems and we believe as things evolve, we will all need to work together. This is a very complicated situation and we are happy to answer questions to the best of our ability.

In the meantime, the real estate market seems to be faring well. The Maui News article recently states the following “Homebuyers on Maui closed on more single-family homes and condominiums in April, according to the latest resale figures from the Realtors Association of Maui (RAM). The median sales prices for both categories also saw notable increases as single-family homes rose by 16.9%, while condominiums climbed by 8.4%, compared to April 2023….The average sale price of a single family home on Maui saw a significant increase in April compared to last year, registering at $1,714,647 in April 2023 compared to $1,867,630 last month. That is good for an increase of 8.9% over the course of a year.” For the complete stats click https://www.mauirealestate.net/real_estate_stats.html

We are featuring some fabulous new listings:Launiupoko Legacy property. https://www.mauirealestate.net/mls-401396.html

Wailea Beach Villas condo/home. https://www.mauirealestate.net/mls-401641.html

Single level, 4 bed, view home in Maui Meadows. https://www.mauirealestate.net/mls-402110.html

Beach front condominium. https://www.mauirealestate.net/mls-402134.html

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

Bob Hansen PB R(B)                    Clint Hansen BIC R(B)               Donna D. Hansen R(S) 

 808-283-945                                   808-280-2764                                808-280-1650

RB-17532                                              RB-21616                                              RS-49765

                                   MAUI LUXURY REAL ESTATE LLC

The Hansen Ohana ~ Maui’s Real Estate Family for over 35 years

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.

Hawaii Real Estate Statistics January 2024

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Here is an overview of the real estate market statistics for January 2024 by island:

Oahu Real Estate Market Statistics:

Single-Family Homes: There were 190 transactions in this market, and the average time a home was listed was 29 days. The median sales price was $1,010,000, little less than the average asking price of $1,300,000. This category had a total dollar volume of about $249.34 million.

Condos: In the condominium market, 294 properties were sold, with an average listing period of 30 days. The median sales price was $500,000. The average asking price was $602,100. Condo sales brought in a total of almost $174.18 million.

Land: Only 9 transactions totaled in land sales, but the median price was substantially higher at $1,420,000, resulting in a total dollar volume of $16.18 million.

This image shows a healthy Oahu real estate market, with single-family homes leading the way in terms of volume and median sales price, followed by land and condominiums.

Big Island Real Estate Market Statistics:

Single-Family Homes: There were 157 transactions, and the average time spent on the market was 52 days. The median sales price was significantly lower at $499,000. The average list price was set at $1,100,000. About $160.65 million was the overall dollar volume for single-family dwellings.

Condos: There were 32 sales in the condominium market, with an average of 48 days on the market. Condos had an average list price of $770,800, but a higher median sales price of $608,500 was seen. This category had a total dollar volume of about $24.33 million.

Land: With 141 transactions, there were more sales of land. With a median sales price of $45,500, land had a relatively low dollar volume of $27.76 million when compared to the other categories.

In contrast to single-family homes, which have fewer sales, condominiums have a higher median sales price, suggesting a broad real estate market with a considerable amount of land transactions at lower values. In terms of dollar volume, the single-family house market seems to be the biggest.

Kauai Real Estate Market Statistics:

Single-Family Homes: A total of 29 sales occurred, with an average of 67 days spent on the market. With a median sales price of $1,430,000, the average asking price was a significant $2,600,000. $72,323,710 was the total dollar volume for single-family dwellings.

Condos: There were 16 sales of condominiums in the market, with an average of 40 days on the market. Condos had an average list price of $1,500,000, and a median sales price of $992,500, which was almost a million dollars. Condos had a total dollar volume of $23,324,900.

Land: The total dollar volume of $10,136,855 was generated by 9 land sales at a median price of $1,046,855.

According to this statistics, single-family homes on Kauai appear to be priced higher than other property types and have longer days on the market. While land sales were rare but had high median prices, condominiums sold more quickly and in smaller quantities.

Maui Real Estate Market Statistics:

Single-Family properties: An average of 116 days were spent on the market before 56 properties were sold. The median sales price was somewhat lower at $1,322,691 than the average asking price of $1,600,000. About $87.8 million was the overall dollar volume for single-family dwellings.

Condos: The average days on market for condominiums was 138, despite having 92 sales. $1,200,000 was the average list price, and $795,000 was the median sales price. Condo sales reached a total monetary volume of approximately $108.85 million.

Land: A total of $78.41 million in dollars were exchanged for 25 sales of land, with a high median price of $1,700,000.

This suggests that Maui’s real estate market is active and has substantial sales volumes in every category. Despite being on the market for a longer period of time, condominiums brought in the most money, with single-family homes coming in second and land coming in third with fewer sales but higher median values.