Hawaii Real Estate Update August 2019
Posted by Alex Cortez on Saturday, August 17th, 2019 at 10:42am.
The Hawaii Real Estate market is as diverse as the islands that it consists of - from the paradise of Maui, to the urban tropical setting of Oahu, to the stark contrast of Big Island and the natural untouched beauty of Kauai. With half the year now on the books, let's take a look at the state of the market.
At the top end of the market, we have seen a significant decrease in activity. Thus far, statewide there have been a total of 10 sales over $10M each, whereas a year ago there have been 26 by this time of the year. On Maui last year there have been 2 over $20M each and Kauai saw the record-breaker record at $46.1M. Interestingly enough, of the 10 significant sales so far this year, 6 of them have been on Maui - more specifically, South Maui (Kihei, Wailea, Makena). It is worth noting that 4 of those 6 sales in South Maui have taken place at the new Discovery Makena Golf and Beach Club - for more information regarding this luxury resort, contact us.
Single Family Homes
Maui - The number of Single-Family Residences (SFR) sold decreased by 26% compared to same month a year ago, however the median sales price increased from $764,500 to $794,500 (+3.9%). Sales volume was 84 on July 2019.
Oahu - A record is set for Oahu with the $835K median sales price for SFR, a total increase of 6% over the previous year. The high mark surpassed the previous record set last September at $813K. Sales volume increased 12.7% to a total of 372 homes sold on Oahu during the month of July.
Kauai - The number of sales was virtually unchanged, from 57 a year ago to 59 this year, while the median sales price had a more significant increase, from $615K last July, to $650K this year.
Big Island - The median sales price rose by over 18%, increasing from $320K to $379K. The number of sales was also very encouraging, improving from 188 in July 2018 to 217 this year.
Condominiums
Maui - While the number of Maui condominium sales increased by over 15%, from 138 a year ago to 159 this year, the median sales price saw a very minor decrease of 3.9%, from 513,163 a year ago to $493K.
Oahu - The median sales on Oahu for the month of July of $460,750 broke a new record, while sales remained fairly constant, comparing 502 last year to 513 this year. The introduction of more new inventory is expected to keep pushing the median higher once those sales start recording.
Kauai - One of the most marked shifts in the Hawaii real estate market was the movement of the Kauai condominium market, which improved nearly 33%, from $475K last July to $630K this year.
Big Island - Both major metrics saw marked improvement over a year ago: Sales price increasing from $292K to $325K this year, while volume saw a more significant increase, from 47 units to 63 this July (34%+).
As a summary, please review the chart below and keep in mind that the numbers are per thousand - as an example, '835' means '835K'. These numbers are reflective of the median sales price in the corresponding island.
Contact Us
It is important to note that every island has a number of micro-markets which act very differently, independent from one another. For more context regarding any specific micro-market, however defined as a condominium complex (such as Wailea Ekahi) or a category (such as Wailea Condos), contact us to discuss in greater detail. Our team of experts have pertinent experience across all the island and are eager to assist.
Specializing in Makena and Wailea real estate, Alex Cortez is fully dedicated to representing his clients ethically and diligently. Contact him at 808.385.5034 or Alex@MauiRealEstateSearch.com for more information.