A slow decline in housing prices, steady inventory

Hawaii Housing Market Report | April 2023

By REAL. Updated May 25, 2023 | Market Reports | 12 min. read
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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.


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

OPEN: 06/04, 2pm - 5pm
Come see this recently updated 3-bedroom, 2.5-bath home with 18 owned PV panels, a fully fenced in yard, and a third parking stall in Laulani Tides. This home checks all the boxes! The first floor has an open-concept family room, kitchen, and dining area with direct access to a private, covered lanai and enclosed back yard. A half-bath and pantry lead out to the spacious two-car garage. Upstairs features a spacious primary suite and 2 additional bedrooms and a second full bathroom. The huge primary bedroom has an en suite bathroom with dual vanity sinks and a walk-in closet complete with a custom closet system. Flooring on the second level has been replaced with new luxury vinyl plank flooring. This home is also conveniently located near guest parking for entertaining family and friends! This is a great neighborhood, offering a community pool, and close proximity to schools, shopping, restaurants, and beaches and golf courses! One or more photos have been digitally enhanced.
Home in ewa gen laulani-tides
$805,000 | 3 bd, 3 ba | 1,166 sqft
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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

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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.

Condos for Sale on Maui between $700k and $800k

OPEN: 05/31, 10am - 4pm
Absolute BEST furnished Maui condo under $800k! Tranquil indoor/outdoor living in this impeccably furnished and appointed 2 BR/1.5 BA North Kihei condo. Inside you will enjoy an updated fully-equipped kitchen with stainless steel appliances and new dishwasher, a fully remodeled bathroom with tub/shower combo, brand new windows and sliding glass doors, elegant curtains and window coverings, hardwood floors, oversized washer/dryer, excellent king and queen beds with designer bedding, ceiling fans and T.V’s in each room, AC, and exceptional furnishings and art throughout. But what sets this unit apart is the lanai: over 1500 square feet of outdoor dining and living space backed by a stunning, mature flower garden – a slice of Hana right in your own back yard. An added bonus is the beautifully-bricked outdoor meditation area with space for bikes, boards and other Maui toys. A storage shed provides convenient storage for home and garden supplies. This well-landscaped, dog-friendly complex is just across the street from one of Maui’s favorite dog parks as well as the locals-favorite Kihei Canoe Club. It is tucked away on a private ground-level cul-de-sac, just a few minutes from Sugar Beach where you can wander in solitude for hours. It comes with one parking stall close to your front door and back gate. If you are looking for a turn-key Maui residence welcome home! This place has it all!!! Call your favorite realtor TODAY to schedule a showing!
Condo in north kihei
$779,000 | 2 bd, 1 ba | 750 sqft
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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

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


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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