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Month-to-Month Real Estate Gains

Hawaii Housing Market Report | August 2023

By REAL. Updated Oct 11, 2023. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

As we compare Hawaii's real estate market from August 2022 to July 2023, it's evident that there's been an uptrend in closed sales and median prices across multiple categories on Oahu, Maui, Big Island, and Kauai. While interest rates are down from their highs back in May, low inventory continues to keep median prices up.

Nationally, the existing home sales scenario paints a different picture, with a 2.2% month-over-month decline in closed sales. This translates to a significant 16.6% drop compared to the same period last year. Yet, much like the situation in Hawaii, the scarcity of available homes intensifies the competition among potential buyers, inevitably leading to an uptick in property prices.

In our mission to provide you with the most accurate real estate insights, we compile data from reliable sources, including Hawaii Information Service, HiCentral MLS, Ltd., and REALTORS® Association of Maui. This approach ensures that you have a clear and well-rounded view of the market.

Oahu Market Report

On Oahu, closed sales of both single-family homes and condos experienced a year-over-year decline, with drops of 19.7% and 16.9%, respectively. However, there was a noticeable uptick in single-family home sales when compared to the previous month, with a 12.5% increase, while condo sales remained relatively steady. Median sales prices showed differing trends, with single-family homes witnessing a 1.4% dip to reach $1,110,000 in comparison to 2022. Meanwhile, condos saw a 3.3% increase, reaching a median sales price of $515,000.

Oahu Housing Market Report - August 2023

Just listed homes on Oahu

OPEN: 04/21, 2pm - 5pm
This single level home with indoor/outdoor living is located in a cul-de-sac near the marina, with the possibility of your own boat dock!  Enjoy the deeded access just one property away for your marina and ocean activities. The 3 bedroom 2 bath home offers an open floor plan, including a Sunroom lined with windows which opens to the brick patio through French doors. The kitchen is light and bright with a soaring ceiling, a large island, plenty of cabinets, and is adjacent to the kitchen nook and the Sunroom. The large living room features a high vaulted ceiling, a bay window to capture the garden beyond, and a niche that is lit to showcase your art. The primary bedroom, with its high windows to capture the colors of the sky, opens through French doors to the brick patio and the garden, and the primary en-suite bathroom has been updated with a beautiful glass tile walk-in shower. Relax or entertain on your patio and the grassy area. Add some of your love to this home and enjoy the marina and Hawaii Kai lifestyle.  Close to the parks, Koko Marina Shopping Center, Costco, restaurants, hiking, and water sports.
Home in west marina
$1,375,000 | 3 bd, 2 ba | 1,634 sqft
Save this listing

Specifically with single-family homes on Oahu, a noteworthy shift in sales volume occurred. Specifically, homes within the $900,000 to $1,199,999 price range saw a substantial downturn, witnessing a 39.2% year-over-year decrease in sales volume. Conversely, a more affordable bracket, ranging from $600,000 to $899,999, displayed a contrasting trend. Here, sales experienced a modest uptick of 13.1%, reflecting the closing of eight more transactions in comparison to the previous August.

Turning to the condominium market on Oahu, there were distinct trends across different price points. Notably, the more budget-friendly price range spanning from $100,000 to $499,999 witnessed the most substantial decline in sales volume, experiencing a 24.3% year-over-year drop. Conversely, the higher-end condominiums, priced at $900,000 and above, maintained a relatively stable sales volume, showing little change from the previous year.

Recently listed condos for sale on Oahu

OPEN: 04/24, 10am - 12pm
If you've been looking at 2-bedroom condos, consider this terrific alternative on desirable Judd Hillside Road at the entrance to Manoa. This two bedroom, two bath, detached single family home with parking for one car shares a CPR lot with only one other house. There's no maintenance fee and just an annual Judd Hillside Community Association fee of $300 (subject to change, of course). You won't find that in a high-rise condo! The rooms are spacious; the great room is bright and airy. You can see Diamond Head, Rocky Hill, the ocean and coastline. There's wonderful closet and storage space in the bedrooms, baths, kitchen, and hallway. The home has been well cared for by the original owner and is move-in ready. Or, bring your interior design and landscaping ideas and make it fabulous. Located in the Noelani Elementary School district and minutes to the University of Hawaii-Manoa, Punahou School, Mid-Pacific Institute and other private schools, and Kapiolani Medical Center. Make this your home-sweet-home today! Sold "As Is". Please park on the road; do not drive up the driveway. FIRST OPEN HOUSE:  SUNDAY 4/21, 2:00-5:00.
Condo in judd hillside
$1,650,000 | 2 bd, 2 ba | 1,216 sqft
Save this listing

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Maui Market Report

On Maui, new listings for single-family homes witnessed a substantial decline, plummeting by 49.1% compared to last year. In contrast, pending sales showed a slight increase of 1.6%. However, available inventory experienced a significant drop of 31.5%. The median sales price for single-family homes surged impressively, marking a 21.7% increase to reach $1,197,500. Days on the market for single-family homes decreased notably by 16.8%, indicating a faster sales pace.

Maui Housing Market Report - August 2023

In Maui's condo market, new listings declined by 31.4%, a substantial decrease. However, pending sales saw a significant drop of 37.1%. Condo inventory decreased by 12.1%. The median sales price for condominiums, on the other hand, faced a 4.3% decrease, falling to $773,750. Condos experienced a notable increase in days on the market, with a rise of 36.7%, suggesting a slower turnover.


Big Island Market Report

On the Big Island, the single-family home market remains vibrant. In August, it recorded a total transaction volume of $183,758,875, comprising 185 transactions. Puna proved to be particularly bustling, with 81 transactions taking place in this area. The median price for single-family homes remained stable, holding at $495,500 from the previous month. These homes typically spent an average of 60 days on the market, just one day less than in July.

Hawaii Housing Market Report - August 2023

Shifting our focus to the condominium market on the Big Island, we find an interesting dynamic. August saw 51 closed sales in this segment, resulting in a total transaction volume of $52,762,400. The median price for condos stood at $625,000, reflecting the diversity in the island's real estate offerings. Days on the market (DOM) for condos averaged just 31 days, showcasing their popularity among buyers. North Kona and South Kohala continued to be prominent areas for condo sales.

Featured Condos for sale on Hawaii Island


Kauai

In Kauai's real estate market, August 2023 witnessed 19 closed sales, amounting to a total volume of $43,574,000. These properties typically found buyers within an average of 42 days. A significant portion of these sales occurred in Hanalei and Kawaihau. Notably, August saw a slight uptick in sales compared to the previous month, accompanied by a substantial increase in median prices, marking an approximate $500,000 surge.

Kauai Housing Market Report - August 2023

Recently listed homes for sale on Kauai

In the condo segment of Kauai's real estate market, there were 24 units sold in August, mirroring the sales figures from the previous month. Of these, 8 were in Hanalei, and 6 were in Koloa. While the median price saw a marginal decline from the previous month, the average Days on Market (DOM) decreased by approximately 20 days, indicating increased buyer activity in this category.

Recently listed condos for sale on Kauai

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