A slow decline in housing prices, steady inventory

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

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!

• Total # of units: 2 towers, a total of 720 units
• Location: Located on Kapiolani Blvd and Piikoi behind the Honolulu Design Center. It's diagonally across from Ala Moana Shopping Center and conveniently close to the beach and Blaisdell Center.
• Floor plans: 1-bedroom to 4-bedrooms in size (with a few larger units that combine the floor plans of two smaller units) ranging in size from 704 to 2396 sqft.
• Built-in: 2007
• Amenities: A lap pool, kiddie pool, hot tub, tennis courts, numerous BBQ areas, fitness center, movie theater, and more.
• Pricing: As of April 2023, the median sales price at Moana Pacific is $888,000. You can view all listings for Moana Pacific here.

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.

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.

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%).

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.

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.

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.

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.