Median prices increase, sales sluggish

Hawaii Housing Market Report | May 2023

By REAL. Updated Jun 07, 2023 | Hawaii Housing Market Reports | 12 min. read
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May's real estate numbers have just rolled in, providing insights into the market reports for Oahu, Maui, Kauai, and the Big Island of Hawaii. But before we dive into those details, let's first zoom out and take a look at the national market.

The latest data from the National Association of REALTORS® (NAR) reveals that existing-home sales have experienced a nationwide decline of 3.4% for the second consecutive month. This downward trend can be attributed to the impact of higher interest rates on buyer affordability. Sales have significantly dropped by 23% compared to the same period last year, and contract signings have also decreased by 20.3% year-over-year. Despite this overall decline, certain regions are witnessing relief in the form of declining sales prices, with a national average decrease of 1.7% compared to the previous year. However, it's worth noting that more affordable markets continue to experience price gains despite this overall trend.

It is important to keep in mind that the data provided for both the local and national markets focuses specifically on the resale market. This includes homes or condos that have been previously owned. If your interest lies in exploring brand new homes with no prior ownership, we recommend referring to our New Homes Hawaii Report.


The Collection

Photo Credit: HiCentral. MLS #202219350.
Photo Credit: HiCentral. MLS #202219350.

Whenever I visit SALT at Kakaako, I pass by The Collection Honolulu, and I am captivated by the remarkable architecture of this structure. Firstly, its location is noteworthy, as it stands tall and boasts an exquisite design. While some may perceive it as a luxury condominium, its pricing offers a diverse range. The presence of luxurious amenities further adds to its appeal, coupled with a selection of residences that distinguish it from others.

As the development in Our Kakaako progresses, the desirability of the area continues to grow. Although it may not exude the same ambiance as its neighboring counterpart, Ward Village, Our Kakaako possesses a unique blend of trendy culture and Hawaiian traditions that elicits an indescribable allure, best experienced firsthand. Here are some more details about The Collection:

Oahu Market Report

In May, there was an improvement compared to the previous month, with a 26.0% increase in sales volume for single-family homes and a 4.3% increase for condos. However, when compared to the same period last year, closed sales declined significantly by 23.8% for single-family homes and 36.3% for condos. The median sales prices experienced a slight dip, with single-family homes being 3.9% below the previous record set in May 2022, and condos decreasing by 2.2%.

Market dynamics have shifted, with both single-family homes and condos experiencing an extended time on the market compared to the previous year. Single-family homes now average 21 days, while condos linger for about 20 days. Although a higher proportion of sales closed at or above the full asking price in recent months, this figure has decreased compared to May 2022. Notably, in May, the majority of closed sales consisted of single-family homes in the $700,000 to $1,299,999 price range, accounting for 67% of total sales.

The Ewa Plain area boasted the highest sales volume, while the Leeward region witnessed an impressive 55.6% increase in active listings.

Homes for sale in Ewa Beach in the $500,000 to $999,999 price range

OPEN: 09/24, 2pm - 5pm
NEWLY REMODELED! Spacious 5 bed and 4 bath Single Family Home with modern finishes and no HOA fees. Open floor plan featuring quartz counter tops, stainless steel appliances and 2 separate living areas. Vinyl and tile flooring throughout. Leased Telsa PV panels and solar water heater. Blocks away from the beach and local parks. Close proximity to schools, eateries and shopping.
Home in ewa beach
$939,000 | 5 bd, 4 ba | 1,815 sqft
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OPEN: 09/24, 12pm - 5pm
Visit OPEN HOUSES on 9/24 at 12pm-5pm and 9/27 at 9:30am-12pm. Take advantage of the $10,000 Seller's credit towards Buyer's closing costs. A great starter home or move on up to an upgraded condition 3 Bedrooms, 2.5 Baths corner lot and detached single family home. Efficient and functional floor plan with 2 car garage and fenced in patio space, perfect for outdoor enjoyment. Quality improvements include complete upgraded kitchen, new carpet to stairs and 2nd level bedrooms, reglazed tubs/shower walls, and more to appreciate. The $416 monthly maintenance fee includes water, sewer utilities and common areas and monthly $42 to Ewa Gentry Association. Located in Ewa Gentry's Cortebella community with short distances to great school district such as Holomua Elementary, community park and swimming pool, dog parks, golf courses, shopping centers, beaches, Wai Kai lagoon, and so many more essentials within the Ewa Beach neighborhood. VA approved community project.
Home in cortebella
$740,000 | 3 bd, 3 ba | 1,150 sqft
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On the condo side, sales in the $700,000 and up price range experienced a substantial 48.5% decline year-over-year, except for the Kailua region, which saw an increase in sales volume. Active inventory for condos expanded across various price points, particularly in the $400,000 to $699,999 range, which observed a notable 39% uptick.

Condos for sale in Kailua above $700,000

OPEN: 09/24, 2pm - 5pm
This 2-bedroom, 2-bath Windward Passage has everything you'll ever need. Amazing views of the ocean and Kailua town. Secured entry with circle driveway, fountain entrance, in-unit washer and dryer, and 2 parking spots. This unit is ready for you to move in. Windward Passage is a very desirable sought-out building with amazing amenities: pools, spa, sauna, BBQ area, tennis courts, pickleball courts, fitness gym, bike and surfboard racks. The building is secure, it has 24/7 security, pet friendly. You cannot beat the location - a short distance to beautiful Kailua Beach and Kailua Town attractions. Location, location, location. Seller prefers nicole yasuda first american title kapiolani
Condo in windward passage
$799,000 | 2 bd, 2 ba | 956 sqft
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Maui Market Report

On Maui, new listings saw a decline of 13.2% for single-family homes and 29.3% for condominium homes, indicating a decrease in the number of properties entering the market. On the other hand, pending sales showed a mixed trend, with an increase of 10.3% for single-family homes but a decrease of 21.6% for condominium homes, suggesting varying levels of buyer interest.

Single-family homes on Maui below the median price

Inventory levels experienced a slight increase, rising by 1.2% for single-family homes and 10.8% for condominium homes. This could potentially offer more options for buyers in the market. The median sales price, however, displayed a positive trend, with a 4.9% increase to $1,271,500 for single-family homes and a more substantial increase of 16.4% to $835,000 for condominium homes, indicating a rise in property values.

When it comes to the time it takes to sell a property, days on market saw a decrease of 5.6% for single-family homes, suggesting a quicker turnaround for sellers. In contrast, condominium homes experienced a slight increase of 5.3% in days on market, indicating a slightly longer selling process.

Condos for Sale on Maui between $700k and $800k

OPEN: 09/26, 10am - 3pm
Are you ready to experience the ultimate South Maui vacation lifestyle? Look no further! Kihei Alii Kai A-106 is your gateway to a relaxing, sun-soaked getaway across from Kamaole Beach Park I. This well-maintained, spacious one-bedroom, one-bathroom vacation rental condo offers an unparalleled opportunity to own a slice of paradise. Inside A-106, you'll find a thoughtfully designed space that exudes comfort and charm. The well-appointed kitchen is perfect for preparing delicious meals, and the open living area provides a seamless flow, making it ideal for entertaining or simply relaxing after a day of exploring Maui's wonders. Step out onto your large private lanai to savor a morning coffee or evening cocktail while basking in the lush tropical surroundings. Whether you plan to use it as your own tropical retreat or as a lucrative income-generating property, the choice is yours. The flexibility of short-term rentals combined with Kihei Alii Kai's fantastic amenities and prime location make it a sought-after choice among Maui vacationers. Kihei Alii Kai is known for its impressive array of resort-style amenities, ensuring that your every desire for relaxation and recreation is met. Take a refreshing dip in the inviting pool, unwind in the spa and sauna, or host a barbecue gathering with friends and family at the outdoor BBQ area. And if you're in the mood for some friendly competition, challenge your neighbors to a game of pickleball on the private court. Don't miss your chance to own a piece of Kihei paradise.
Condo in kamaole i
$799,000 | 1 bd, 1 ba | 700 sqft
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OPEN: 09/30, 9am - 12pm
Welcome to Villas at Kenolio, Unit 13A, a well maintained 2bd / 2bth + large loft, highly desired 2nd floor unit. Featuring vaulted ceilings that give an open and spacious feel with great natural light. Recently replaced carpet, renovated vanities and fixtures in both bathrooms, quality plantation shutters and ceiling fans, 3 in room A/C units, solar hot water heater and large interior storage closet. This property is a pet friendly residential complex with a large swimming pool, spa pool, BBQ area, playground and fitness center. Additional storage area near the pool for bikes, & surf/paddle boards. Two assigned parking stalls #132 & #138 and plenty of guest parking nearby. Located 1 block from miles of sandy beach in North Kihei. Call your favorite realtor today to arrange a showing!
Condo in kihei
$749,000 | 2 bd, 2 ba | 960 sqft
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Big Island Market Report

On the Big Island of Hawaii, there has been a notable increase in the median price compared to the previous month, rising from $447,500 to $495,000. However, when looking at the year-over-year comparison, both single-family homes and condos experienced a 1.2% decrease in median price.

Single-family homes in Hilo

The most significant difference observed from last May is reflected in the number of closed sales and the length of time properties remain on the market before being sold. In the past month, there were 188 closed single-family home sales, marking a substantial decline of 30.3% compared to the previous year.

Similarly, the number of closed condo sales in May 2023 was 57, indicating a significant decrease of 41.8% compared to May 2022. Furthermore, condos are now spending 125% more time on the market compared to last year.

Condos for sale in Hawaii between $400k and $600k


Kauai's single-family median price experienced a decrease, dropping to $1,125,000 from $1,570,000 in the previous month. However, when compared to the same period last year, there was a notable increase of 9.5% in the median price. It is important to note that Kauai's median prices tend to fluctuate due to the lower number of homes sold and the wide range in pricing.

Homes for sale in North Kauai

Considering the approximate total of 22,500 households on Kauai, it becomes evident why there are typically around 60 to 90 real estate transactions occurring each month. In May 2023, there were 30 closed single-family home sales, representing a decline of 21 compared to the previous year. Additionally, 29 condos were sold, down from 44 in the same period last year, while 12 lots of land were also sold, indicating an increase compared to last year's figures.

Condos for sale on Kauai between $400k and $900k

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