Above asking price

Hawaii Housing Market Report | October 2023

By REAL. Updated Nov 12, 2023. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

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.

Oahu Housing Market Report - October 2023

Recently listed homes on Oahu

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.

Recently listed condos for sale in Honolulu

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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.

Maui Housing Market Report - October 2023

Featured Single-family homes on Maui

OPEN: 12/05, 9am - 12pm
Welcome to the Komodo Dragon Hale, a luxurious, elegant and whimsical estate located in the prestigious Maui Meadows community. As you enter the property you’ll be greeted by two guardian Komodo dragon statues, symbolizing luck, strength, and new beginnings. Situated on half an acre, this electric gated property offers resort-style living, complete with a backyard lagoon, featuring a stunning waterfall, heated pool, waterslide, and a grotto hot tub.    The main house exudes Asian flare and is adorned with high-end finishes throughout. From concrete countertops to Teak and Mango wood cabinetry, every detail has been meticulously curated. The interior boasts Alder doors, French doors, and custom Redwood windows, with Romo fabric window coverings. The bathrooms feature one of a kind custom built sinks and vanities with oiled-rubbed bronze fixtures and door handles. No expense was spared in creating this incredible space. From the Monkeypod breakfast bar, the redwood decks and trim, Alder doors, and Venetian plaster all adds to the luxurious ambience. The bonus premiere suite on the second floor offers breathtaking views of Ulupalakua, Koho’olawe, and the West Maui Mountains.   The cozy, detached Ohana, is a perfect retreat for those seeking comfort and tranquility. This charming unit features a spacious one bedroom and one bathroom, boasting the same unique and stylish offerings as the main house. The custom-built kitchen showcases beautiful tiger wood finishes, adding a touch of elegance to the space. For your comfort, the Ohana is equipped with Airscape technology and double split Samsung air conditioning units, ensuring a pleasant climate throughout the year. This charming space has its own dedicated gated entry and a spacious driveway, offering flexibility and privacy. It's perfect for hosting guests or utilizing as an income property. You'll also appreciate the convenience of the very large boat gated entrance, providing easy access and storage options for your watercraft.    The property showcases a lushly landscaped backyard that serves as the crown jewel, with a pool that invites you to relax and unwind. The waterslide and cascading waterfall add an element of fun and serenity to the space. At night, the thoughtfully placed exterior lighting and sound system create the perfect ambiance for entertaining. For those seeking privacy, the property is secluded with up to 7ft. lava rock walls.   Additional features of the property include an in-ground hot tub, a bird aviary with double catch doors, and space for a new smaller bird aviary. The home is equipped with not one,  but three solar batteries, ensuring energy efficiency and reduced electric bills. The finish style of the property is Polynesian, and there is plenty of storage available.   Ideally located on Maui's sunny southern side, you'll enjoy easy access to the golden sandy beaches of Wailea, fine dining restaurants, golf courses, and tennis courts.  Don't miss your opportunity to experience the luxury and tranquility of the Komodo Dragon Hale. Contact your favorite Realtor to schedule a showing today!
Home in maui meadows
$4,500,000 | 4 bd, 3 ba | 3,128 sqft
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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.

Featured condos in Maui

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.

Hawaii Housing Market Report - October 2023

Single-family homes in Hilo

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.

Condos for sale in Kona


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 Housing Market Report - October 2023

Recently listed homes for sale on Kauai

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.

Recently listed condos for sale on Kauai

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