Corcoran Pacific’s Hawaii Luxury Market Report and Review: November 2023

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.