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 2021.
Last month we asked how long the fast pace, high demand seller’s market would last. As we move into the last quarter of 2021, with next month the one-year anniversary of the reopening of Hawaii to travellers, we investigate the status of the current real estate market.
Overall, we are starting to see some of the buying frenzy slowdown in the top 10% of the real estate market. This could partially be to do with a lack of inventory but also a slowing in the number of visitors to islands at the behest of the Governor, who appealed for tourists not to come due to the increasing numbers of Covid-19 cases in the latter part of the summer. Fortunately, this situation has now settled down with the number of new cases dropping
steadily from mid-September.
Single family sales have stabilized at an average of 150 sold per month for the Hawaiian Islands over the last 6 months. Median price points have varied but overall remained fairly steady and close to the current median for the year of $2.25 million. Inventory levels are still considerably less when compared to the same months of 2020, on average by 38% per month.
Sales for attached properties experienced an upward trajectory from May through to August in 2021 increasing to as much as 215 sales per month. However, September only saw 174 sales – but time will be our only judge as to whether this is a blip or the start of a new norm for luxury attached homes.
Median price points have, for the most part, steadily risen over the last seven months from $1.25 million in March to $1.43 million in September. Conversely, inventory levels have continued to fall, with numbers as high as 760 last September dropping to 431 in September 2021.
So, what do these numbers tell us? In simple words, that the luxury real estate market across the Hawaiian Islands remains strong and in high demand. Generally, speed has come off the pace of properties being bought and sold, allowing both parties a little more breathing room, especially as there are probably fewer multiple offer situations.
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.