Corcoran Pacific's Hawaii Luxury Market Review: July 2020

Posted Monday, August 31, 2020 - By Corcoran Pacific

We are pleased to share a closer look at the luxury real estate market in Hawaii, showcasing detailed statistical analysis of Kauai, Oahu, Maui and the Big Island of Hawaii, to keep our clients informed and current.

In this month’s North American article, which focuses on the effects of the pandemic on second home markets, Anton Steenman was interviewed for his perspective. He reported that while there will be ups and downs during this unprecedented time, buyer activity remains strong in Hawaii.

Looking at the statistics, the market indicators prove that the luxury market, in particular the sales of single family homes, are seeing a return to normal when compared to the same period in 2019.

Across all markets the number of single family homes is up over 50% compared to June 2020, mostly on par compared to July 2019, equally median sold prices are increasing against June 2020 and comparable to 2019, and days on market are decreasing for sold properties.

Attached properties, in particular condominiums, are still showing a slower return to normal levels across all the islands, which is expected due to the majority of these properties being investments for the tourist market, so until travel restrictions are lifted this is unlikely to change.

As always, a real estate expert familiar with local trends is the best resource to navigate a specific market.

To view the full report, please click here.