Oahu
Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."
As we leave 2023 behind, we reflect on Hawaii's real estate market. It was a year of soaring interest rates, limited inventory, and a decrease in residential transactions. The devastating wildfire in Lahaina, which exacerbated our housing crisis and increased insurance costs, marked a significant low point.
However, the year ended on a hopeful note as interest rates began to fall, offering a glimpse of optimism for the future.
Despite the ups and downs, it's important to remember that real estate markets are inherently cyclical. Hawaii's market remains resilient, and savvy investors know that the overall strength of the market is not easily undermined by short-term fluctuations. It's crucial to look beyond generalizations and stay proactive in pursuing real estate goals.
As we step into 2024, here are some key considerations:
These perspectives are intended to guide and inspire your real estate decisions in the coming year. Let's make 2024 a year of smart, informed, and successful real estate endeavors in Hawaii! For detailed market reports by island, continue reading below, or if you're interested in buying pre-sale, check out our latest New Homes Hawaii Report.
In December 2023, the single-family home market marked its 23rd consecutive month of declining sales, with median prices dropping to $996,500, a 5.1% decrease from the previous year. Sales over $1 million decreased by 21.1%, while homes under $1 million saw a modest 4.5% uptick. The market experienced faster sales, with median days on the market decreasing to 18 days, and witnessed a slight increase in new listings but minimal growth in active inventory.
The condo market, enduring its 19th month of sales decline, showed a contrasting 1.5% increase in median prices to $510,000. Sales of condos priced below $699,999 plummeted by 30.3%, while higher-priced units remained relatively stable. The market saw a slower sales pace, with median days on the market rising to 26 days, and experienced a decrease in new listings but a notable increase in active inventory, offering more options for buyers.
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By registering, you agree to our Privacy Policy.The single-family home market on Maui saw a 19.0% decrease in new listings, contrasting with a significant 26.3% increase in pending sales. The inventory for these homes declined by 23.6%, indicating a tighter market. There was an 11.0% rise in the median sales price, reaching $1,200,000. Additionally, the market experienced a notable decrease in days on the market by 29.4%, suggesting a faster sales pace. However, the months' supply of inventory slightly decreased by 5.1%, pointing to a sustained demand.
Maui's condominium market presented a drastically different scenario with a remarkable 109.5% increase in new listings and a 51.9% surge in pending sales. The inventory for condos rose significantly by 65.5%, offering more options to buyers. Condos also saw an increase in median sales price, up by 10.4% to $850,000. However, the market experienced a slower sales pace, with days on the market increasing by 16.5%. The months' supply of inventory for condos substantially increased by 138.1%, indicating a shift towards a more buyer-friendly market.
In the Big Island single-family home market, the median price was observed at $550,000, indicating the current market valuation. The number of new listings reached 225, providing a reasonable influx of homes for potential buyers. The market experienced a slight decrease in sales activity with 142 sold listings, a reduction from the 153 sold in the previous year. Homes typically stayed on the market for an average of 43 days, suggesting a moderately quick sales pace, reflecting buyer demand and market movement.
The condo market on Big Island presented a median price slightly higher at $598,500. Condos experienced a brisker sales pace, with an average of 28 days on the market, indicating a faster turnover compared to single-family homes. The market had a total of 129 active listings, offering a varied range of options for buyers. There were 59 new listings introduced to the market, indicating ongoing activity and options for prospective buyers. The total number of condos sold was 30, representing the current sales activity in this segment.
In Kauai's single-family home market, the median price stood at $1,292,500. There were 38 new listings and 28 homes sold, against a backdrop of 123 active listings. The average days on market for these homes was 69 days, indicating the time taken for sales to close.
For the condo market in Kauai, the median price was $760,000. Condos spent an average of 64 days on the market. The market had 96 active listings, with 22 new listings added. A total of 16 condos were sold, reflecting the sales activity in this sector.
