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Hawaii's Real Estate Market Mirrors National Trends

Hawaii Housing Market Report | July 2023

By REAL. Updated Aug 09, 2023. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

July's insights are in and we saw an increase in median prices on Maui, Kauai, and the Big Island of Hawaii, while Oahu's figures remain stable. However, transactions across the board have experienced a dip across the state.

How does Hawaii stack up on a national scale? It closely mirrors the broader trend. The National Association of REALTORS® (NAR) reveals a 3.3% month-over-month decline in nationwide existing-home sales. This decline can be attributed to the gradual rise in mortgage rates, inching toward 7% in recent months. Consequently, prospective buyers have temporarily shelved their home-buying plans, while existing homeowners hesitate to list their properties, concerned about relinquishing the appealing low-rate mortgages secured a few years back when rates were substantially lower.

Our comprehensive monthly housing market reports aggregate resale data from credible sources such as Hawaii Information Service, HiCentral MLS, Ltd., and REALTORS® Association of Maui. For those interested in pre-sale homes that are yet to be constructed, our Hawaii New Homes Report would better fit your needs.

Oahu Market Report

In Oahu's real estate market, both single-family homes and condos faced sales declines, attributed to elevated borrowing costs dampening summer buying activity. Single-family home sales retreated by 28.2%, while condos experienced an 18.5% drop compared to the same period last year. Remarkably, properties that changed hands in July stayed on the market for a median of 16 days. This reflects a slight increase from the previous year, where single-family homes spent a median of 11 days on the market and condos were available for around 12 days.

Oahu Housing Market Report - July 2023

Oahu's property market experienced a decline of 28.8% YoY in new listings for single-family homes, but active inventory remained relatively steady, growing by a modest 2.6%. Despite fewer contract signings than the previous year, single-family homes saw a 6.9% MoM increase in July 2023, with 247 pending sales. Notably, Ewa Plain, Waipahu, and Pearl City stood out with growth rates of 18.5%, 18.8%, and 13.3% respectively.

Featured Homes on Oahu

In the condo market, median condo sales prices held steady at $500,000. 47% of sales achieved or exceeded the asking price, a slight decline from July 2022's 60%. Condo new listings dropped by 15.4% YoY, yet active listings grew by 9.9%. Despite a decline in YoY signings, July 2023 showed a 1.4% MoM rise with 421 pending sales. Notably, the Leeward region excelled with an impressive 92.3% YoY surge in contract signings, while Ewa Plain condos maintained stability YoY but surged by 38.2% from June to July.

Featured Condos on Oahu

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Maui Market Report

On Maui, single-family homes saw a 1.3% dip in new listings, while condos experienced an 18.7% decline. Similarly, pending sales slipped by 20.3% for single-family homes and 18.7% for condos. Both property types saw a reduction in inventory, with single-family homes experiencing a 9.6% decrease and condos a drop of 8.8%.

Maui Housing Market Report - July 2023

Featured Single-family homes on Maui

The median sales price rose 8.4% to reach $1,192,500 for single-family homes and 7.7% to $850,000 for condos. Furthermore, days on market increased 17.3% for single-family homes and 27.6% for condos. Regarding inventory, notable growth was observed in months supply, with a 32.3% increase for single-family homes and a significant 64.7% rise for condos.

Featured Condos for Sale on Maui


Big Island Market Report

Hawaii Island's real estate market recorded a sales volume of $121,852,459, with significant contributions from North Kona, South Kohala, and Puna, with Puna boasting the highest transaction count. Notably, single-family home days on the market varied, with South Hilo averaging 28 days, while Hamakua and Kau exceeded 100 days on average.

Hawaii Housing Market Report - July 2023

Featured single-family homes on the Big Island

Switching to the condo market, total sales amassed $50,020,900, with North Kona contributing over half of that volume, while the remaining portion comprised high-value acquisitions in South Kohala. Remarkably, the median condo price on the Big Island surged by 21.1% from the previous year. However, despite this price hike, the total transaction volume experienced a decline of over 30% compared to the previous year.

Featured Condos for sale on Hawaii Island


Kauai

Kauai's real estate sector displayed consistent growth, with both single-family and condo median prices witnessing an impressive nearly 10% increase from the previous year. In contrast, closed sales showed a slight dip of just under 10% compared to the prior year.

Kauai's single-family home market recorded $39,103,062 in sales, comprising a total of 15 transactions. Days on the market fluctuated due to limited closed sales. For instance, Koloa and Lihue displayed an average of only 7 days on the market, while Kawaihau, with 4 sold properties in July, demonstrated an average of 268 days on the market.

Kauai Housing Market Report - July 2023

Recently listed homes for sale on Kauai

OPEN: 03/01, 3pm - 7pm
Don’t miss out on this exquisite home located on Kauai’s sunny South Shore within minutes of world class beaches, golfing, restaurants, hiking and more. This quality two story home offers endless opportunities with its spacious interior and sizable yard. <br><br>Enjoy the modern comforts of a well appointed kitchen boasting upgraded appliances, new lighting, new paint, new fans, new fixtures, custom wood cabinetry contrasted with handsome black kitchen accents. Kitchen/Dining area offers ample natural lighting and an open floor plan, perfect for hosting and entertaining. Downstairs bathroom and wet bar have been revamped with new paint, new faucets, and fixtures delivering a charming yet modern flare. Wet bar steps down into the living room which has been upgraded with new flooring, new fan/lighting and new a window. <br><br>This home has a tremendous amount of covered lanai space harmonizing interior living space with the outdoors. One downstairs bedroom has a sliding door that steps out onto an outer lanai. This bedroom is accompanied by a  second bedroom and “bonus room” delivering  plenteous living space for guests and family alike. All secondary bedrooms have been upgraded with new paint, new lighting new fans and finishes. Upstairs you will find stunning natural wood shiplap ceilings and exotic bamboo flooring. Primary bedroom leads out to the upper lanai through double French doors overlooking the lush garden and distant mountain views. The secondary upstairs bedroom is seamlessly tied into the floorplan and  can be utilized as a large office or additional living space. Upstairs bathroom offers sophisticate epoxy counter tops and has been delightfully upgraded with new lighting, paint, wallpaper and attractive ornate touches.  The exterior boasts a new roof on the lower level with a freshly leased and installed 16 panel TESLA Photo Voltaic System which powers the entire house.The house has been recently painted with the addition of fresh gutters and more.
Home in 4344 punee road
$1,430,000 | 4 bd, 2 ba | 2,326 sqft
Save this listing

In the condo market, Kauai registered a transaction count of 24, marking a decrease of 6 from the prior month and the preceding year. The majority of the sold condos found their niche in Koloa, located in south Kauai. The total transaction volume amounted to $26,967,023, a drop from the $33,362,100 recorded last year. Notably, Hanalei emerged with 4 condos sold in July, boasting an impressive average of only 3 days on the market. Conversely, condos in Koloa and Kawaihau took 97 and 93 days respectively to find buyers.

Condos for sale on Kauai between $500k and $700k

OPEN: 03/02, 11am - 2pm
This inviting corner unit condo is spacious and clean, featuring wainscoting and beautifully tiled floors throughout the main living areas. The wood shutters in the living room and bedroom are pretty and create an opulent feel.   <br>Offering 3 large bedrooms and 2 baths, this ground floor unit feels private and peaceful. <br>The primary bedroom includes luxurious marble floors, a screened-in lanai, crown molding, and a private entrance. <br>You’ll find crown molding and laminate wood flooring in both guest bedrooms, as well as a 2nd screened-in lanai. <br>Both bathrooms include granite counters, tile floors and tiled walls that go all the way up to the ceiling. <br>Enjoy the breezy trade winds and the gorgeous banyan trees here in this peaceful community. There is a clubhouse, bbq area and a pool! Located right in the heart of Lihue, this location is perfect for anyone looking to enjoy the island lifestyle while being centrally located near shopping, dining, beaches, healthcare and all of the adventurous entertainment options that Kauai is famous for. Kalapaki beach is just about a mile away, offering swimming, surfing, beach walks and oceanfront dining options.
Condo in kalapaki villas
$620,000 | 3 bd, 2 ba | 1,244 sqft
Save this listing

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Kailua-Kona

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

Kauai

"The Garden Isle" is best known for it's natural outdoor beauty.

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Lihue is the main port and second-largest town on Kauai.

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