Corcoran Pacific Properties is pleased to present a closer look at the luxury real estate market in Hawaii, which includes a detailed statistical analysis for your in-depth review on Oahu, the Island of Hawaii, Maui and Kauai for November 2023.

What will surprise many, given the seemingly lethargic nature of the current market, is that for the most part the number of sales and median sold price points do not vary greatly compared to November 2022, for both the entire luxury market as well as for each of the islands.

Comparatively, the number of sales in this segment of the market has fallen by only seven from 79 to 72 for single-family homes and by four from 107 to 103 for attached properties, whereas the median sold price has risen by 2% and 12% respectively.

However, there is one significant change – which is not a negative given that the luxury market has, since early 2021, registered inventory levels well-below traditional norms – as of November 2023 the number of homes available for sale has started to more closely resemble pre-covid levels.

Across the Hawaiian Islands, for both single-family homes and attached properties, this increase in inventory has resulted in the luxury segment showing signs of a transition to a buyer’s market – except for Kauai where greater demand for attached properties offset the increase in inventory.

It is not unexpected for sales to decline month over month in the last quarter of the year – in fact prior to 2020 its was the norm. Indeed, in the new year this comparative increase of inventory could foster greater activity in high-end sales, because it can be argued that it was primarily due to the lack of supply, as opposed to a lack of demand during 2023, that often proved to be the roadblock for buyers.

If mortgage rates continue to fall, as many economists predict and as investment dollars are withdrawn from CD’s and similar investments, we could see a gradual uptick in sales as buyers are drawn to take advantage of the greater number of homes available for sale.

However, given the propensity of home sellers not to reduce their prices, buyers should still not expect to see any sudden price drops, rather instead the opportunity will lie in finding properties that match their requirements and offer greater value for money in lifestyle amenities and features deemed requisite.

As in all markets, there are always opportunities and challenges for buyers and sellers for certain property locations, types and price points. The opportunity to work closely with a real estate expert familiar with local trends is the best resource to navigate the specific and varied markets found within the Hawaiian Islands.

One final message: Season’s greetings and best wishes for a happy, healthy, and prosperous holiday season from all of us at Corcoran Pacific Properties.

You can view the full report here (flipbook) and download the (pdf) copy here.

Corcoran Pacific Properties is pleased to present a closer look at Hawaii’s luxury real estate market, which includes detailed statistical analysis for your in-depth review on Oahu, the Island of Hawaii, Maui, and Kauai for October 2023.

October’s statistical data for the luxury real estate market saw a much steadier month across the Hawaiian Islands, with fewer fluctuations compared to the mixed bag of results reported in September.

In the luxury single-family market, while sales slowed, not unexpected at this time of year, the new inventory entering the market over the last two months has, for the first time in many years, resulted in the pendulum swinging statistically in favor of a buyer’s market.

However, compared to October 2022, the number of luxury homes sold was higher by 14% overall (81 compared to 71), and the median sold price rose by 8%, from $2,059,275 to $2,234,025.

The story in the attached property market is a little different in that the statistical data reports that the market remains more favorable to sellers. Inventory levels increased by 18% (553 to 650) in October, but this is after a steady inventory decline over the last six months, whereas the level of sales remained consistent
month-over-month.

In comparison to October 2022, the number of sales fell by 9% (150 to 136), but the median sold price rose on each of the islands, resulting in an overall increase of 15%, from $1,313,125 to $1,510,581 in October 2023.

“The key takeaway this month is that sold prices in the high-end are holding & in some cases rising quite nicely,” stated Gregg Antonsen, SVP of Luxury Sales for Corcoran Pacific Properties. “A moderate increase in inventories offers more choice, but more importantly, the properties that are selling are doing so primarily
because they are meeting the number one requirement of today’s buyers – they are move-in-ready!”

As Oahu enters the months of November and December, events on the North Shore at Haleiwa, Pipeline, and Sunset typically attract professional surfers and crowds from around the world. Along with the surfers and crowds comes the desire to acquire high-end real estate on the North Shore and beyond.

Gregg doesn’t anticipate that the single-family market will see much change in demand and price over the next few months as the year-end approaches. However, his Realtors have noticed an uptick in the number of inquiries since the announcement of the slight drop in the 30-year-fixed mortgage rate and speculation by the Future’s Market that interest rates may begin to fall in April 2024, if not before

You can view the full report here (flipbook) and download the (pdf) copy here.