Hot, Hot Market
Two months into 2003 and the market continues to strengthen. Statewide, the island that has grown the most in the last 12 months is the Big Island, with sales up a dramatice 81 percent. Oahu is second, with sales increasing by 23 percent. Maui has actually fallen, off 5 percent.
Condos are the hottest segment of the market, rising 33 percent statewide this year, relative to a 13 percent growth for single family. Oahu condos are up 32 percent, and the Big Island rose by 219 percent. The offshore component of condo demand outpaced that from local residents: the 'Speculative Resale' activity was up 53 percent in February, while total condo sales were up only 33 percent.
Pricewise, Kauai single family homes rose the most, up 30 percent this month relative to the same one last year. Oahu condos showed the second strongest move, up 22 percent over February 2002. The highest prices were for Maui single family homes, $383,875, some $33,000 more than the second highest priced market, Oahu single family homes.
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Latest month | Previous month | Year previous | Percent change from a year ago |
| HAWAII BUSINESS REAL ESTATE INDEX | ||||
| Index (1972 = 100) | 247.0 | 246.2 | 223.2 | +10.7% |
| Components: | ||||
| Resales/number | 702 | 754 | 571 | +22.9% |
| Avg. resale price | $237,124 | $228,980 | $211,507 | +12.1% |
| Avg. time on market/days | 37 | 33 | 49 | -25.0% |
| New home contracts | 166 | 179 | 134 | +23.9% |
| New residential permits/number | 227 | 190 | 110 | +106.4% |
| Avg Single-family rents/$month | $1,788 | $1,771 | $1,729 | +3.4% |
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| HAWAII BUSINESS SPECULATION INDEX | ||||
| Index (1972 = 100) | 112.7 | 93.9 | 97.8 | +15.2% |
| Components: | ||||
| Waikiki condo resales | 95 | 67 | 60 | +58.3% |
| Kihei condo resales | 42 | 33 | 39 | +7.7% |
| Kaanapali condo resales | 8 | 3 | 11 | -27.3% |
| Kona condo resales | 45 | 52 | 14 | +221.4% |
| Poipu condo resales | 4 | 12 | 3 | +33.3% |
| Total Hawaii Condo Resales | 635 | 656 | 479 | +32.6% |
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| SALES INDICATORS | ||||
| Oahu single-family and condo resales | 702 | 754 | 571 | +22.9% |
| Maui single-family and condo resales | 167 | 124 | 176 | -5.1% |
| Big Island single-family and condo resales | 188 | 207 | 104 | +80.8% |
| Kauai single-family and condo resales | 60 | 85 | 53 | +13.2% |
| State single-family and condo resales | 1,117 | 1,170 | 904 | +23.6% |
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