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A slow decline in housing prices, steady inventory

Hawaii Housing Market Report | April 2023

By REAL. Updated Jun 07, 2023. | Hawaii Housing Market Reports | 12 min. read
  1. FeaturedJump
  2. OahuJump
  3. MauiJump
  4. Big IslandJump
  5. KauaiJump

We're happy to announce the release of our monthly Hawaii Housing Market Report! This report will compliment our monthly Hawaii New Homes Report, so whether your timeline is now or later, you'll have some options to look at.

Our Hawaii Housing Market Report will feature resale or existing (already built) developments plus give you the scoops on what's happening with homes sales, inventory, and pricing on Oahu, Maui, Kauai, and the Big Island of Hawaii. Make sure you sign up below to receive both reports in your inbox.

Featured

Moana Pacific

The beautiful view from the East Tower in Moana Pacific.
The beautiful view from the East Tower in Moana Pacific.

We decided to showcase Moana Pacific in our initial report because it's a truly exceptional development in the Honolulu area. Although it looks like a high-end property, it's priced more reasonably compared to other condos in the area. In addition, it is well-maintained and has reasonable HOA fees. For instance, it has 8 working elevators that decrease waiting times, which is a big plus. Other newer condos often have just 2 or 4 elevators and you could be waiting for a long time. It's the little things that make a big difference!

Oahu Market Report

In April of 2023, the real estate market in Oahu experienced an anticipated decrease in both median and average sales prices due to the continuing rise of interest rates. According to the Honolulu Board of REALTORS®, the number of sales also declined by almost 12% from the previous month and by 43% compared to the same period last year.

Moreover, the report indicated a decline in the percentage of sales closing above asking price, with only 25% of single-family homes and 22% of condos selling above asking in April 2023, compared to a higher percentage in April 2022. Despite consistent new listing volume compared to the previous month, the inventory levels remained low and did not increase this year, weakening slightly from month to month.

In April, single-family homes in the $800,000 to $999,999 price range dominated sales, representing almost a third of all sales. However, homes that were priced at $2,000,000 and above saw a significant decline in sales volume.

Homes for sale on Oahu in the $800,000 to $999,999 price range

As for condos, the majority of sales occurred in the $300,000 to $399,999 price range, accounting for 18.3% of sales. Nonetheless, there was a decrease in condo sales across most price ranges from the previous year.

Condos for sale on Oahu in the $300,000 to $399,999 price range

OPEN: 06/23, 2pm - 5pm
Nicely maintained and upgraded 1 bedroom 1 bath with 1 partially covered parking stall in Makiki Area. This unit has split AC units in living room and bedroom, modern cabinetry in kitchen, updated appliances, nice laminate and tile floors throughout condo.  Skip having to go to a community laundry since you have your own washer and dryer on the lanai!  Enjoy the extra outside space on your lanai and get a little exercise while you walk up to your 4th floor unit.  Convenient access to the freeway and to town make this a great place to call home.  Owner will leave the couch, bed frame and mattress for new buyer to have less to move in with!  Water is included in the maintenance fee up to a certain amount.  If occupants go over then association will increase the water portion of the maintenance fee. Maintenance fee currently is $246.24,  Hawaiian Telcom Internet/TV ( 2 years left on bulk agreement)  $60.66  water/sewer $70 (based on usage ($70 is based on 2000 gallons a month)  total: $377  Guest stall near the mailbox and the garbage can must put your phone number and unit number visiting on your windshield
Condo in 1510 liholiho
$355,000 | 1 bd, 1 ba | 501 sqft
Save this listing
OPEN: 06/23, 2pm - 5pm
Impressively remodeled highly sought after one bedroom corner unit with 1 assigned parking stall conveniently located just 5 stalls next to the elevator. This one bedroom unit offers a complete renovation including kitchen window roller shades, luxury vinyl Plank throughout apartment. New ceiling lights fixtures and Kitchen pendant lights add a modern feel to the unit. Upgraded Kitchen with soft close cabinets, stainless steel stove and refrigerator and stainless steel under-mount sink with disposal adds to the modern feel of the kitchen with the new countertops and backsplash. Washer/Dryer unit is conveniently tucked away allowing for ease of use. The bedroom is spacious and attached bathroom has been completely remodeled with new flooring, vanity, sink and fixtures. A spacious walk in closet allows for ample storage and organization. Large lanai offers an unobstructed private view. This unit has the convenience of elevator access and proximity to its designated parking allowing for convenience with groceries. Convenient trash chute. Accessible jogging path and dog walking area. Don't miss this opportunity to call it home!
Condo in valleyview melemanu
$395,000 | 1 bd, 1 ba | 607 sqft
Save this listing

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Maui Market Report

On Maui, new listings for both single-family homes and condominiums decreased by 25.8% and 42%, respectively. Pending sales also decreased for both types of homes, with single-family homes decreasing by 27% and condos decreasing by 34%. Despite this, inventory increased for both single-family homes (17.4%) and condominiums (16.4%).

Single-family homes on Maui below the median price

The median sales price for single-family homes in Maui decreased by 11.5%, bringing the median price to $1,100,000. That's still quite a number. However, for condominiums, the median sales price increased by 7% to $877,000. Days on market also increased, with single-family homes seeing an 8.4% increase and condominiums seeing a 52.9% increase. Months supply of inventory increased significantly, with single-family homes increasing by 90.5% and condominiums increasing by 140%. These statistics suggest that the Maui real estate market may be experiencing a shift.


Big Island Market Report

Similar to what happened on other islands, the median prices of single-family homes and condos on the Big Island of Hawaii went down compared to last year. The number of closed sales for single-family homes and condos were 162 and 62, respectively, which is almost 30% less than last year. The average number of days it took to sell a home increased slightly more than condos, but condos had a 53.1% jump compared to 2022.

Single-family homes in Hilo

OPEN: 06/23, 11am - 3pm
Meet the Avocado Manor!  <br>A move in ready modern ranch.  This captivating 3-bedroom, 1.5-bathroom home offers a blend of comfort and convenience, making it the perfect sanctuary for those seeking both peace and proximity to amenities.  <br><br>The Concrete block construction makes this house a true solid investment, built to stand the test of time.  Tucked privately away on a flag lot with lush mature fruiting avocado trees flanking the backyard. <br><br>High end appliances and cabinets make the kitchen a pleasure to cook in.   Living room side door opens up to a private covered lanai with privacy wall, giving extra space for dining, grilling and entertaining.  The back door opens up to a covered laundry space and fully private outdoor shower.<br> <br>Master bedroom has a half bath with space to convert into a full bath.  <br><br>The spacious carport has two large storage closets to keep all your tools and toys neatly organized.  <br><br>Do not let this Hilo gem pass you by<br><br>Land Area: .25 acre<br>Living Area: 1056 sqft<br>Covered Carport: 360 sqft
Home in waiakea homestead houselots
$495,000 | 3 bd, 2 ba | 1,056 sqft
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In April, most of the homes sold were located in the Puna area, accounting for more than 40% of all the single-family home transactions. North Kona took second place with 30 transactions, but the median price was much higher, standing at $1,231,000. As for condos, they were evenly split between North Kona and South Kohala, with 28 and 21 transactions, respectively.

Condos for sale in Hawaii between $400k and $600k


Kauai

On Kauai, selling a single-family home now takes around 141 days on average, which is a 76% increase from the previous year. Although it might seem like a long time, the median sales price for homes is $1,570,000. Hanalei saw 6 homes sold with a median price of $2,662,500, and 4 homes were sold in Koloa with a median sales price of $2.2M. These homes boosted the overall median price for homes on the island.

Homes for sale in North Kauai

When it comes to condos, Kauai's median sales price is now at $575,000, down 10.8% from 2022. Lihue had the highest number of condos sold at 9, and it's worth noting that unlike other islands, Kauai's average days on the market for condos decreased by 28.2% from the previous year.

Condos for sale near Lihue

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