Corcoran Pacific's Hawaii Luxury Market Review: September 2020

Posted Thursday, October 22, 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 September 2020.

On October 15th, Hawaii launched a pre-travel COVID-19 testing program, allowing travelers to bypass the state’s self-quarantine, as long as a negative COVID-19 test result has been obtained within 72 hours prior to arrival. This is exciting news, although the Governor has given each county’s mayor the right to opt out of this policy should cases start to rise. For more information visit: https://www.hawaiitourismauthority.org/covid-19-updates/

The luxury real estate market will certainly see the benefit of the lifting of these restrictions in the upcoming months, as it will allow affluent buyers to visit properties rather than buy sight-unseen.

As reported in our North American article, the luxury market is currently seeing an explosion in sales of high-end properties, as the affluent flex their financial strength and look to find homes that address their physical, social and mental requirements. Hawaii is very much on the radar of many of these potential buyers.

In August, we reported seeing a return of the Hawaiian luxury market back to the same levels of 2019 and in September that upswing has been even more significant, not just for single family homes, but also in the attached property market.

Overall, luxury single family home sales increased by 70% against September 2019, with price points increasing as inventory levels decreased. The Island of Hawaii and Kauai saw the largest percentage increases of sales at 100% and 280% respectively, Oahu saw a 35% increase and Maui a 15% increase.

Total luxury attached property sales were only 25% lower than those of September 2019, with price points and inventory levels remaining at similar numbers. The Island of Hawaii and Kauai again saw the largest percentage increases of sales at 80% and 60% respectively, while Oahu and Maui reported numbers below September 2019 by -35% and -42% respectively.

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.

To view the full report, please click here.