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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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  3. MauiJump
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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.

Featured

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

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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

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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.


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

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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