With multiple islands, each diverse in micro-markets acting independently of each other yet with in some ways in harmony, the Hawaii Real Estate market is among the most simple yet complex in the country.
So with that, let's take a look at the market is doing across the four major markets, broken down by category.
SINGLE FAMILY RESIDENCES
Maui - Single-Family Residences on Maui saw marked improvements, broken down by type - Single Family: median $837,500 (+20%), based on 78 sales (-20%) ; Single Family with Attached Ohana: median $927,500 (+18%), based on 2 closed sales ; Single Family with Detached Ohana: $837,500 (-11%), with 18 sales closed (+125%).
Oahu - The record set last month for Oahu with the $835K median sales price remains safe, as the median price in August was $790K, a slight decline (2.5%) from last year's $810K. However, there was a slight increase in volume, with 360 SFR's sold in August, compared to 354 a year ago.
Kauai - The number of sales of Kauai single-family homes remains fairly consistent in the mid 50's, with August 2019 recording 54 sales as opposed to 53 last year. Median price rose from $657K to $695K. Year to date, the median has actually decreased from $700K to $649K.
Big Island - The month of July saw big increases (over 18%) and that momentum carried over to August, with sales volume increasing nearly 22%, from 195 a year ago to 237 this August, and Median sales price up 12%, from $355K to $400K. Year to date, there is a positive: from $360K a year ago to $380K in 2019.
Maui - While the number of Maui condominium sales decreased heavily by over 21%, from 149 a year ago to 117 this year, the median sales price was virtually unchanged at $496,950. With Luana Garden Villas starting to record later this year, we expect to see a late surge prior to the end of the year.
Oahu - The record set last month for a median sales on Oahu of $460,750 also remains safe, with the median in August declining slightly from $427K a year ago to $419,500. Sales volume also decreased slightly, with sales in August totaling 512 units, compared to last year's 521. As Kakaako and Ala Moana introduce more new projects, interest both from investors and primary residents increases.
Kauai - In July, the Kauai condo market saw the most marked shifts in the Hawaii real estate market, improving nearly 33%. That was duplicated in August, with the median increasing 32.39%, from $440K a year ago to $582.5K, but sales volume decreased from 36 a year ago to 23.
Big Island - Both major metrics saw a slight decrease, with median shifting from $330K a year ago to $325K, and units sold slipping from 80 a year ago to 75 this August. However, year-to-date, sales have increased 3.13% and median almost flat from $360K to $365K.
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.
To recap, take a look at the chart below. Numbers are representative of $1K, for example $695 means $695K
There are segments that are doing incredibly well when compared to last year, whether as a monthly metric or year to date, but as a whole we are seeing valuation remain fairly stagnant. The consensus among top-producing agents Statewide is that we are seeing a shift in the market from one in which values/sales continued to climb at a pace unsubstantiated by data to one in which lack of inventory coupled with caution by Buyers is resulting in a slow down. The Oahu market is less susceptible to swings as that market is less second-home than the outer islands, but there is movement of owners on Oahu who due to Ordinance 19-18 are shifting their investments from Oahu to Maui, Kauai, and/or Big Island.
For more details or to discuss in greater detail, contact our team today. With members spread all of the Hawaiian island and with combined decades of experience, our agents are well poised to be of assistance.
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.