Highlights of the Luxury Market Report in Hawaii, July 2023
Throughout the month of July, sales activity in the high-end single family & attached homes markets continued a trend developed in the first two quarters of the year.
Throughout the month of July, sales activity in the high-end single family & attached homes markets continued a trend developed in the first two quarters of the year. As expressed throughout this report and in conjunction with trends being reported in the highlights of the North American luxury markets, this new normal generally consists of a slowing market in terms of unit sales combined with some unexpected outcomes such as historically low inventories and low median days on market along with sales prices generally holding and, in some cases, increasing in Hawaii’s markets. As we have come to discover, it is inventory levels, both existing and new to the market, combined with demand shifts from Buyers that are influencing this new normal.
On Oahu both single-family and attached home markets were classified as balanced which resulted in price increases at moderate rates of 2% and 1% respectively, from $2.29M in July 2022 to $2.33M in July 2023 for single family homes and from $925K to $938K for attached homes. Sales to list price ratios were above 98.81% and total inventory for single family homes increased 3%, from 187 to 193, well within levels of demand. Units sold in the attached homes market were down from 148 in July 2022 to 91 in July 2023 and units sold in the single family home sector were down from 48 to 31 for the same time periods.
The bright spot for unit sales occurred on the Big Island of Hawaii where unit sales of single-family homes rose from 15 in July 2022 to 26 in July 2023. Median price sales in this category also rose from $1.41M last year to $1.51M this year. In the attached homes market, while unit sales were down slightly, the median sales price increased from $1.55M in July 2022 to $2.4M in July 2023, resulting in a list to price ratio of 100%.
Kauai’s luxury single-family homes market remained on par with 7 sales in both July 2022 and July 2023. Median sales prices showed a moderate decline from $2.81M in July of 2022 to $2.60M this year. Median days-on-market and total inventories both increased. In the attached homes market sales price declined from $1.25M in July 2022 to $1.15M in July 2023. Unit sales were also down slightly from 15 last year to 11 this year.
On Maui, the median sales price of single-family homes increased from $2M, in July 2022, to $2.6M in July 2023. Unit sales were down from 27, in July 2022, to 21 in July 2023. Days-on-market increased from 69 last year to 96 in July of this year. Inventories increased moderately, from 83 last year to 96 this year. Unit sales declined slightly. from 21 a year ago to 18 in July 2023 and sales price declined from $1.6M to $1.5M this year.
Please note that this July 2023 report reflects market activity prior to the recent wildfires in Lahaina, West Maui. I would like to direct your attention to page 7 of the report for information about how you can support those impacted by this tragedy as they seek to rebuild their lives, homes, businesses and essential services. Any assistance you may choose to give will be greatly appreciated and will help support the resilience and revitalization of this tremendous community.
Brought to you by Gregg Antonsen (RB-12562), SVP Luxury Sales, Corcoran Pacific Properties