Corcoran Pacific Properties is pleased to present a closer look at the luxury real estate market in Hawaii, showcasing detailed statistical analysis of Kauai, Oahu, Maui and the Island of Hawaii for April 2021.
As we move into the spring market, the results clearly indicate a seller’s market across all the islands and property types, with the luxury market showing some of the most significant trend changes since the peak of the housing market in 2006. As inventory levels continue to fall and demand remains high, this is driving an escalation in price.
As in many other markets across the US, the biggest question being asked is whether this growth is sustainable and for how long? Experts predict that the luxury market will remain strong mainly due to the lack of inventory, but anticipate that demand will probably level off as prices continue to escalate as this ultimately creates its own financial barrier.
While the individual islands are all reporting that their real estate markets are favorable to sellers, there are distinct differences in the price ranges most in demand during April.
Oahu’s single family home market showed the greatest demand for properties in the $2-$2.25 million range with a sales ratio of 200% (indicating that there were double the amount of sales compared to the number of new listings that month). This was supported by homes selling at an average of 100% of their asking price. In the attached market, the $1-$1.1 million range was the most popular with 50% of listings selling during April, with the average selling price at 98.86% of the asking price.
The most active price band in Maui is the $1.7-$1.8 million range that also showed a 200% sales ratio, and was supported by homes selling at an average of 98.21% of the asking price. Maui showed one of the strongest attached property markets with sales nearly equalling the number of properties listed during April, with the average selling price at 99.46% of the asking price.
The single family market statistics for Kauai show that $1.3-$1.4 million dollar homes are the most active price band, with a 67% sales ratio and an average selling price of 97.20% of the asking price. With a 300% sales ratio, attached properties in the $900-$950,000 range are selling at 3 times the rate of listings entering the market, at 98.31% of the asking price.
High priced single family homes on the Island of Hawaii received the most activity during April, as the price band of $6.2-$7.4 million saw a 200% sales ratio and an average selling price of 98.42%. Whereas, attached properties in the $1-$1.1 million price range sold at a staggering 600% sales ratio, with an average selling price at 98.45%.
As always, a real estate expert familiar with local trends is the best resource to navigate a specific market.