Above asking price

For better or for worse, real estate is changing. How's it affecting Hawaii? Well, not much at the moment. Hawaii is a unique place. Land is limited, and materials cost more here than anywhere else in the U.S. Will the controversy over commission rules from the National Association of Realtors affect Hawaii? We can't say. But what we do know is that prices in Hawaii aren't dropping and a good percentage of homes are selling for or above asking price. Real estate here isn't like a regular product; it's limited. We believe in Hawaii, and as an investment, you can't go wrong.

Now, about the market. Lots of things are messing with the numbers. Interest rates have been a headache for the past year. Limited homes for sale mess with median prices and more. What's the deal? Homeowners aren't eager to sell because they're scared they won't find a new home. People on the sidelines keep waiting. Even with a chance to refinance in a few years at a lower rate, it still seems scarier than before. But guess what's winning? New developments. Why? You buy now and wait to close, hopefully with lower interest rates. Additionally, there are no fixed commission from realtors. You pay for the unit, and, especially in Hawaii, the value goes up. Win-win. If you're interested in new developments, check out our latest monthly New Homes Hawaii Report.

Nationally, we're at a 13-year low. Single-family home listings dropped, but condos went up a bit. Inventory went up since last month but is still significantly down from last year. And from what we've seen, some neighborhoods have discounted prices, while others are full of surprises.

Oahu Market Report

43% of single-family home sales on Oahu (91 properties), sold at or above the asking price. This marks a dip from the 50% (111 properties) observed in October 2022.

For condos on Oahu, 38% of sales successfully closed at or above the asking price, marking a decrease from the 48% observed in October 2022. Regarding specific price ranges for Oahu condos, the $500,000 to $599,999 bracket experienced a substantial 44.7% year-over-year increase, boasting 68 sales. On the flip side, the $600,000 to $699,999 range witnessed the most significant decline, with sales dropping by 27.1% to 35 units compared to the previous year's 48 units.

Maui Market Report

In the realm of Single-Family homes on Maui, new listings experienced a 7% decrease and a 13.9 decrease in inventory.

In Maui's condominium market, new listings witnessed a 6.5 percent increase, reflecting a dynamic trend. However, the scenario for pending sales in the condominium segment took a different turn, experiencing a notable 10.9 percent decrease. When it comes to inventory, there was a substantial 34.4 percent increase, indicating a significant shift in the availability of Condominium homes.

Big Island Market Report

In October, Hawaii Island's single-family home sales held at 172, reflecting a 7.5% YoY decrease. Average days on the market rose to 55. Median sales price increased from $530,000 to $552,500, marking an 8.4% YoY increase. Notably, North Kona's median price reached $1,237,500, up from $1,137,500 last year.

In October, 46 condos were sold on Hawaii Island, marking a 15% YoY increase. Average days on the market rose from 25 in October 2022 to 59 in October 2023. The median sales price was $528,750, notably lower than September's $620,000.

Kauai

Kauai's single-family home median price, affected by a smaller inventory, has dropped to $982,500, nearly $200k lower than the previous month.

Kauai's condo median price surged by over $300k from last month, reaching an impressive $896,000. Due to limited inventory, median prices on Kauai often experience significant fluctuations.