It's time for our monthly breakdown of how the Hawaii Real Estate market is performing, with the understanding that in such a diverse State, micro-market conditions can differ significantly even within the same district. Now let's take a look.
SINGLE FAMILY RESIDENCESMaui - The month of September saw a significant increase in the Single Family market, with an increase of 47% from 80 sold in September last year to 118 this year, while the median sales price saw a very moderate decrease of 4.6% to $719,718. Year to date sales are relatively stable at 844, compared to 880 a year ago but it's important to note that current inventory is down 13% over a year ago - 441 vs. 507.
Oahu - July saw the record for Oahu single-family homes at $835K median sales price, which then slightly dipped in August to $790K and September saw another slight decrease down to $780K. The month of September did see an increase in sales, with a total of 352 homes sold (9%+ over previous year). Year to date the median is at $789K, which is the same as it was the previous year.
Kauai - Looking at numbers as a percentage can seem misleading, as number of sales decreased by nearly 14%, from 59 last September to 51 this year, but that's well within the range of 50-60 Kauai homes per month. However, the median sales price saw a decrease of nearly 10%, declining to $615K. Year-to-date data tells of a more consistent story, with 450 sales (median $648K) so far this year compared to 477 last year ($677K median).
Big Island - The seasonality of the seasons is more reflected on Big Island than it is on the other islands. The 237 sales of August (median $400K) decreased drastically to 164 in September, which was also a decrease when compared to same month last year (188 sold last Sept), However, median sales price as a metric is a positive one, with the median price increasing to $399,500. Year to date, number of sales are fairly flat, with this year accounting for 1,797 while 2018 year-to-date had 1,788 but the median increased up to $380K. It's worth noting that highest sales so far this year in Hawaii has been of a Kukio luxury home.
Maui - The number of closed Maui condominiums remains fairly flat, with 119 sold in Sept 2019 compared to 123 last Sept (3.3% decrease) while year-to-date it is a bit more marked, with 1,281 condos sold a year ago versus 1,208 this year (5.57%). Days on market are decreasing significantly from 163 in Sept 2018 sliding down to 136 this past month (nearly 17%). The median sales price for the month increased to $540K, compared to $492,500 a year ago.
Oahu - The record set for Oahu condos in July of $460,750 still remains safe, but with September giving a strong push to $442,500. Sales volume also decreased by 10% when compared to same month last year, down to 465 condos sold. Year-to-date, median price is holding steady at $425K, while total condos sold have decreased at a more marked pace, down to 4,111 (8% decrease over previous year).
Kauai - The Kauai market is small enough that any movement in either direction can have an adverse effect on numbers. Total units sold in September saw a decrease of 22.5% from the previous year, from 40 to 31. Median sales prices saw an even more dramatic movement, from $792,500 a year ago to $485K. This is where proper context can make a difference in understanding market conditions - it's not that the market is decreasing, rather it's a reflection of WHAT is being sold. Contact us for a deeper discussion on this. Timbers Kauai remains one of the most attractive options in the high-end sector Statewide.
Big Island - The number of sales remained consistent with 61 closed Big Island condos in September compared to 59 sales same month last year. The bigger story is the increase in median sales price from $360K a year ago to $380K this year. Year-to-date, the median sales price is a similar story, increasing from $351K last year to $362,750 this year.
Take a look at the chart below which details the median price by property type (home / condo) and island. Prices are per thousand - example, 700 means $700K.
Understanding the Hawaii real estate market requires local-level expertise with access to Statewide data. We have local experts serving all islands, with each having dedicated knowledge on specific areas, while as a team we are members of all MLS's on the State so we can better pool resources from a bird's eye perspective. Have a question? Reach out and one of our team members will be in touch.
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.