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 March 2021.
First quarter data for 2021 shows a continued strengthening of the luxury real estate market for the Hawaiian Islands. Not only have the number of sales increased on a month by month basis, but March figures showed an increase of 208% for single family homes and 118% for attached properties, year over year.
In the single family market, on comparing the number of sales in March 2021 against March 2020, Oahu showed the highest increase at 262%, Kauai and Hawaii Island both recorded a 214% increase, and Maui a 153% increase.
In the attached market, sales for the Island of Hawaii reported the largest increase at 233% when compared to sold numbers in March 2020, Maui recorded an increase of 146%, with Kauai and Oahu increasing 120% and 70% respectively.
Median sold prices for luxury single family homes have also increased; an average of 10% compared to March 2020, with Kauai showing the highest increase at 19% year over year. These prices increases reflect the high demand for luxury properties against low inventory levels, and it’s not been uncommon to see multiple offers as a result.
The attached property market is still correcting itself after a particularly difficult 2020. Median sold prices have been fluctuating monthly, but March figures showed a decrease of 10%. However, these figures actually reflect that there has just been a higher percentage of less expensive luxury attached properties sold, rather than a drop in market values.
The return of the attached market and increase of sales for lower priced properties also indicates of an increase of affluent buyers looking to invest in luxury tourism-based investment properties.
Inventory levels for all property types in the luxury market are trending approx. 35% lower than would be typically expected at this time of year, although it must be acknowledged that the increased number of sales does account for some of this discrepancy.
For homeowners currently looking to sell, now is the time to work with your Corcoran Pacific agent to prepare the home so that it’s turnkey, as statistics show that demand for properties in Hawaii is projected to continue to increase well into 2021.
As always, a real estate expert familiar with local trends is the best resource to navigate a specific market.