As on Maui, mainland buyers of local homes had a bigger impact on both islands than they did on O‘ahu. Meanwhile, the number of transactions is declining statewide and prices continue to rise.
They bought more than a third of all homes sold on Maui last year and accounted for almost half of the money spent.
Planned hubs near Pearlridge Center and Ala Moana Center will help people transfer between rail, buses, bikes and car services.
Three-quarters of all single-family homes and condos sold last year were purchased by local residents, but that proportion was down – as was the proportion of dollars spent.
Realtors say that’s a normal part of the real estate cycle: Condo sales usually increase when fewer single-family homes are for sale.
Resort/golf course sales and vacant land sales each totaled almost a billion dollars, according to a year-end report from Colliers Hawaii. About half of the purchase volume was made by Hawai‘i-based investors.
The analysis of 2020 census data determined that 76,622 homes were vacant in the Islands.
Though mortgage rates remain low by historical standards, every tiny increase means that families qualify for smaller and smaller loans.
These homes priced under $1 million are getting harder to find: Only six of the island's 21 regions have a median price below that threshold. And prices are soaring even in those "bargain" neighborhoods.
