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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

OPEN: 02/25, 2pm - 5pm
Charming COUNTRY COTTAGE with SEPARATE STUDIO! COMPLETELY REMODELED with vinyl planking and ceramic tile floors. Beautiful kitchen with new appliances. MAIN HOUSE has 3 bedrooms and 1 bath. BONUS STUDIO with bath is separate from the main house has many possibilities...guest room, extended family, storage, home office, workshop or RENTAL INCOME to help pay your mortgage. LARGE YARD is a gardener's dream or BUILD MORE HOUSE! Extended, covered carport and long driveway can PARK UP TO 6 CARS securely with additional street parking. Level lot is completely fenced and gated. Walk or bike to the end of the street to Wahiawa State Freshwater Park, fantastic for family picnics. Conveniently located in Wahiawa Town walking distance to many shops and restaurants. Easy on and off freeway access. A definite must see!
Home in wahiawa area
$845,000 | 4 bd, 2 ba | 924 sqft
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OPEN: 02/25, 2pm - 5pm
Beautiful turnkey highly upgraded corner lot home located in Ewa Villages, and it's just minutes away from the Ewa Villages Golf Course and The Center for West Oahu, Kamakana Ali'i Shopping Mall. This home offers an open concept living, has been completely renovated with fresh interior and exterior paint.  Recent upgrades include split air conditioning, new carpet and ceiling fans in bedrooms, vinyl plank in living areas and brand new bathrooms with custom hand laid tiles. Kitchen upgrades include granite countertops, soft closing royal cherry raised panel cabinets with crown molding, standalone island with overhead pendant lighting, and stainless steel appliances which include double ovens, dishwasher, range & refrigerator.  Spacious yard with perimeter rock wall and fence, 16 photovoltaic panes (leased) and solar water heater to save on energy costs.  No maintenance fees, just a monthly $30 association fee.  Call your agent and come see this one before it's gone.  All showings are by appointment only.  First Open House this weekend, Saturday & Sunday from 2-5pm.
Home in ewa villages
$875,000 | 4 bd, 2 ba | 1,248 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

OPEN: 02/25, 2pm - 5pm
MOVE-IN READY in a HIGHLY DESIREABLE LOCATION! This well maintained 1 bedroom 1 bath condominium with air conditioning in both the living area and bedroom is a must see! Beautifully upgraded with custom made, sleek Formica cabinets in both the kitchen and bathroom, gorgeous granite counter tops, and stainless steel kitchen appliances. Closet doors are updated with modern black framed mirrored sliding doors.  New security screen door with Ring doorbell is an added feature.  Covered parking and 4 guest stalls are a huge plus. There is on-property community laundry and two outside storage units are included as well. The low monthly maintenance fee (under $400) includes water, sewer and care of the commons areas! Conveniently located in McCully, near beaches, eateries, shopping, grocery, school and bus line.  Don't wait!  This is sure to go quickly!
Condo in 1906 fern st
$350,000 | 1 bd, 1 ba | 492 sqft
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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


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: 02/26, 10am - 2pm
Nestled in prime proximity to the University of Hilo, key shopping destinations, Hilo International Airport, and many other conveniences, this property beckons for your attention.<br><br>Embrace the chance to tap into the vast possibilities of what this generous 11,726 sqft lot presents. The arrangement of the lot features a secluded setting at the end of a flag lot, enhancing privacy for its two individual homes. The original house comprises a charming 3 bedroom/2 bathroom configuration, accompanied by an additional dwelling that also sports a 3 bedroom/2 bathroom layout— along with a bonus room that is perfect for a home office or gym setup.<br><br>While in need of some care to revive its full luster, the potential that lies within is boundless. This is a home that could cater to the snug comfort of a family dwelling or serve as an enticing investment property with rental prospects.<br><br>Do not let this incredible chance pass you by; transform this hidden gem into your own crafted piece of paradise or a profitable venture!<br><br>Please note that the property is currently tenant-occupied, and we respect their privacy. To arrange a viewing, please provide a 48-hour notice. Thank you for your cooperation.
Home in waiakea homestead houselots
$479,000 | 6 bd, 4 ba | 2,700 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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Oahu

Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."

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The second-largest town on the Big Island of Hawaii.

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