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 October 2020.
It’s been just over 4 weeks since Hawaii opened its doors officially to visitors with the pre-testing program allowing exemption from the two-week quarantine. Reports from traditional tourist areas are that things are feeling a bit more normal again, with more visitors on the beaches, in restaurants that are open and along the sidewalks, although the numbers are still significantly lower than typical.
Happily, Hawaii is currently recognized as one of the safest locations in the US*. The number of affluent buyers purchasing in Hawaii also endorses this sentiment, as the sale of high-end homes continues to surpass the total number of sales and median price points compared to the same period during 2019.
Single Family Homes sales are, for the most part, seeing the result of this significant increase in demand, but equally there have been a high proportion of sales of properties valued between $2-5million in the attached market during the month of October.
Overall, luxury single family home sales increased by 50.8% against October 2019, with price points increasing as inventory levels continue to decrease by %. Kauai and The Island of Hawaii saw the largest percentage increases of luxury sales at 155.5% and 83.3% respectively, Oahu saw a 33.5%increase while Maui remained at par.
In past months, attached property sales have slowly risen although are still not back to their 2019numbers. But it is October’s comparative figures against 2019 that show the most dramatic difference; with median values increasing exponentially. The Island of Hawaii not only saw a 216%increase in sales, but a 158% increase in median sales price, Kauai saw 12.5% more sales and a 28%median sales price increase, and Maui remaining close to October 2019 figures for number of sales still reported a 22.3% median sales price increase. On the flip side, Oahu did not see any significant gain in price or number of sales – but this could be as a result of the attached market on Oahu being located in more high-density communities and more residential vs. second home.
For homeowners currently looking to sell, now is the time to work with your Corcoran Pacific agent to prepare the home so that its 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.
48th out of 50-ish states and territories here: https://www.worldometers.info/coronavirus/country/us/
To view the full report, please click here.