Corcoran Pacific's Hawaii Luxury Market Review: November 2021

Posted Wednesday, December 22, 2021 - By Liana Mayer

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 2021.

Last month we reviewed the inventory levels across the Hawaiian Islands and ascertained that the number of new properties entering the market, both single family and attached homes, had fallen substantially compared to September and October in 2020.

November’s inventory levels for single family homes, similar to the levels for September and October, continue to be over 40% lower than the same months in 2020. However, the good news is that the percentage decrease over the last 3-4 months has slowed considerably to a rate of around 2-3% per month.

Inventory levels in the attached property market had indicated a gradual increase month over month since August 2021. November’s figures show a very small percentage decrease of less than 1% compared to October, but this is not unexpected as we head into the quieter winter real estate months. However, the last three months still show a decline in inventory levels of over 40% when compared to 2020.

Looking at inventory for each of the islands in November, with the exception of single family homes on Maui, which fell 10%, and Kauai’s attached inventory, which fell 20%, all other levels have remained pretty consistent month over month since September 2021.

Conversely, the number of sales have fallen in November by 15% in the single family market and 10% in the attached market in the last month. This could be a combination of several factors including: lack of inventory, winter months and the holiday season, and fewer visitors to the islands.

However, in comparison to the numbers in November 2020 (which was reportedly one of the busiest Novembers on record) the number of single family homes sold rose by 32% and attached properties by 119% in November 2021!

The market may have slowed over the last few months, but the reality is that these islands have retained their long-term appeal to the affluent. Many homes and locations have become a near perfect fit for the wealthy's changing priorities; which have moved away from just a vacation property to becoming either their permanent residence or a second primary residence.

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.