Market Snapshot – July 2021

A review of the Hawaii real estate market in 2021, as elsewhere, must include the realization that sales in 2020, particularly the 2nd quarter of 2020, were heavily impacted by a severe slowdown in activity during the initial months of the COVID pandemic, particularly condo sales here in Hawaii. Evidence of this can been seen in the 42% increase in single family home sales statewide, with Kauai out ahead at 95% year over year, and an 82% increase in condo sales statewide, with Hawaii Island leading with a 124% increased in closed sales year over year.

Meanwhile home values, as measure by median sales price, are up 29% for single family homes and 13% condos, across the state. The median home price on Kauai nearly doubled in June, while Oahu hit a new single family record of $979,000 and Maui single family homes crossed the $1 million threshold for both May and June, 2021.

Increased demand for luxury homes has also sparked historic triple-digit percentage increases of activity with Kauai luxury volume up 500%, Oahu luxury sales up 382%, and the jump in Kauai luxury condo sales, from 2 to 30 posting a 1,400% increase year over year.