LUXURY MARKET REVIEW FOR HAWAII
Reba Roy, Corcoran Pacific Properties, is pleased to present a closer look at the luxury real estate market in
Hawaii, which includes detailed statistical analysis for your in-depth review on Oahu, the Island
of Hawaii, Maui and Kauai for August 2023.
At first glance, affluent buyers looking to purchase a luxury property in Hawaii will find that the
overall market seems to have changed very little when we compare the data year-over-year at
the end of August; in terms of total sales, inventory and price point for both the single-family
and attached property market.
In August 2022 there was a total of 104 sales of luxury single-family homes, and in 2023 there
are 103, for attached properties there were 144 sales in 2022 and in 2023 only 7% less at 134,
across all the islands.
The median price also varies little moving just 3% downwards from $2,199,375 in August 2022,
to $2,133,750 in 2023 for single-family homes and its almost on par at $1,405,313 in 2022 and
$1,406,875 in 2023.
Equally, inventory has only increased by 5% for single-family (490 to 516) and stayed on par for
attached (556 to 557) when comparing the August statistics.
But, as always there is more to this story. When we dive into the individual islands, we find
quite the disparity between islands as well as between property types.
For instance, Oahu saw a 22% (55 to 43) decline in sales for luxury single-family homes, whereas
on the Big Island sales rose a massive 124% (17 to 38). The answer to why there are such
diverse results is likely due to the number of listings available; Oahu’s inventory levels only
climbed 2% (196 to 199), whereas listings on the Big Island grew 44% (112 to 161), thereby
providing greater opportunity for buyers.
Conversely, In the attached property market, Oahu saw sales at par (85 to 84) year-over-year
and only a 13% (383 to 432) increase in inventory, whereas Kauai saw a 60% (15 to 6) decline in
sales and an equally large fall in inventory of 57% (42 to 18).
The variances across these individual islands, property types and price points show that while
the overall luxury market in Hawaii remains balanced (where neither the seller nor the buyer
has dominance over the other), that demand and supply at the local level are starting to change
and having a more dynamic impact.
As in all markets, there are always opportunities and challenges for buyers and sellers for
certain property locations, types and price points. It is important to work closely with a real
estate expert familiar with local trends as they are the best resource to navigate the specific and
varied markets found within the Hawaiian Islands.