Is it a good time to buy or sell Hawaii real estate?
The short answer is yes! While the Hawaii real estate market does flow with some national trends, there are other forces that tend to insulate Hawaii from persistent declines.
Buyers
If you want to take advantage of generally lower prices and less competition now is an exciting time to buy Hawaii real estate. Like the rest of the country, high interest rates have a real impact on the purchasing power for buyers. However, with Hawaii's historically consistent appreciation in property values it rarely pays to delay purchasing Hawaii real estate. If you can navigate through higher interest rates, or better yet make a cash purchase - you will likely benefit from making your real estate purchase sooner than later.
Sellers
But wait, prices are lower if I am a potential seller why is it a good time to sell? Whether your property is a single-family home or a condo, sellers in Hawaii are closing on the sale of their property on average, between 95-100% of list price. Median prices for single family homes had only slight to modest declines, and median prices for condos in some areas have increased year over year.
Mid-Year Stats
The following data charts by island, include the June 2023 year-to-date statistics for each real estate category and show the volume or price changes to the same mid-year period last year. Oahu had the highest volume of sales, followed by Hawaii Island, Maui County and Kauai.
Oahu
The widest variety of homes styles and inventory in the state.
Oahu Single Family Homes | Oahu Condominium | Oahu Vacant Land |
# OF SALES 1,417 -29.2% VS. LAST YEAR | # OF SALES 2,414 -35.5% VS. LAST YEAR | # OF SALES 39 -40% VS. LAST YEAR |
MEDIAN SALES PRICE $1,030,000 -7.6% VS. LAST YEAR | MEDIAN SALES PRICE $500,000 -2.9% VS. LAST YEAR | MEDIAN SALES PRICE $720,000 -5.3% VS. LAST YEAR |
Hawaii Island
The lowest median prices for single family homes, condos, and vacant land. Hawaii Island has the most vacant land transactions in the State.
Hawaii Island Single Family Homes | Hawaii Island Condominium | Hawaii Vacant Land |
# OF SALES 983 -34.3% VS. LAST YEAR | # OF SALES 341 -32.9% VS. LAST YEAR | # OF SALES 1,006 -36% VS. LAST YEAR |
MEDIAN SALES PRICE $500,000 -2.9% VS. LAST YEAR | MEDIAN SALES PRICE $585,000 +2.9% VS. LAST YEAR | MEDIAN SALES PRICE $40,000 -20% VS. LAST YEAR |
Maui County (Maui, Molokai & Lanai)
Second highest in condo and vacant land sales, Maui also has known for ultra luxury properties.
Maui County Single Family Homes | Maui County Condominium | Maui County Vacant Land |
# OF SALES 382 -33.6% VS. LAST YEAR | # OF SALES 511 -47.8% VS. LAST YEAR | # OF SALES 83 -37.1% VS. LAST YEAR |
MEDIAN SALES PRICE $1,150,000 -2.5% VS. LAST YEAR | MEDIAN SALES PRICE $835,000 +10.5% VS. LAST YEAR | MEDIAN SALES PRICE $650,000 -14.8% VS. LAST YEAR |
Kauai
The island with the fewest number of sales is also highly desirable.
Kauai Single Family Homes | Kauai Condominium | Kauai Vacant Land |
# OF SALES 154 -48.8% VS. LAST YEAR | # OF SALES 163 -35.1% VS. LAST YEAR | # OF SALES 50 40.5% VS. LAST YEAR |
MEDIAN SALES PRICE $1,100,000 -8.3% VS. LAST YEAR | MEDIAN SALES PRICE $685,000 -1.4% VS. LAST YEAR | MEDIAN SALES PRICE $944,950 +35.0% VS. LAST YEAR |
Market Summary
The price spectrum of Hawaii real estate is tremendous, from less than $10,000 for raw land on Hawaii Island to the tens of millions for luxury properties. Housing demand in Hawaii is always high, and people around the world desire the Hawaii lifestyle. For buyers there is opportunity if you are well prepared with your finances, and value if you are flexible and patient. For sellers, even if you have only had your property for a couple of years, chances are you can cash out with a considerable return on your initial investment.
If you have a Hawaii real estate need, whether it is buying or selling - the market is full of opportunities!
Want More Information?
Let's connect to discuss your specific real estate needs and questions: CraigA@bhhshawaii.com