Corcoran Pacific's Hawaii Luxury Market Review: November 2020

Posted Sunday, December 20, 2020 - By Corcoran Pacific

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 November 2020.

Both Hawaii’s traditional and luxury markets are seeing a great rebound after the slower months when the islands were closed to visitors. Property sales are up across all sectors compared to previous months as well as 2019.

A combination of factors is creating this demand; low inventory levels, great management of COVID-19 infection rates, the ability of these buyers to work from home and the investment in their family’s future safety and security.

Many buyers recognize that this pandemic is not the first, and certainly will not be the last, of the potential disruptions and upheavals they will see in their future. They only have to look back at the last five years to see that many of their fellow Americans have been adversely affected by tornados, hurricanes, flooding and fires.

Hawaii’s relative stability, coupled with its overall serene lifestyle has always been a draw, but the increasing number of affluent purchasing a home reaffirms that it now has become irresistible.

Overall, luxury single family home sales increased by 10% compared to October 2020, and 50% against November 2019. The Island of Hawaii and Kauai saw the largest percentage increases of luxury sales against November 2019 at 222% and 142.6% respectively, followed by Maui growing by 116% and Oahu with a 23% increase.

Last month we reported that luxury attached properties were starting to see a rebound, and that trend continues into November. Overall, sales increased by 23.6% compared to October 2020, and 38% against November 2019. The Island of Hawaii and Kauai saw the largest percentage increases of luxury sales against November 2019 at 225% and 175% respectively, followed by Maui growing by 23.5% and Oahu at par with only a 3.3% increase.

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 these properties are in high demand and fetching close to relatable asking prices.

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.