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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 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.

Real Property Tax Reminder

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Today is the deadline, Friday, April 9th, to appeal your 2021 real property tax assessment or classification. There are a lot of questions concerning appeals this year due to recent changes to the Maui County Code related to real property taxes. Call us with your questions. Bob’s number is 808-283-9456