Hawaii Real Estate Market Reports By Island: Q1 2024 Analysis

Welcome to the Hawaii Real Estate Market Report for the first quarter of 2024! In this comprehensive overview, we’ll delve into the nuances of each island’s real estate landscape, providing detailed insights and analysis to help you navigate the market with confidence.

MAUI:

Starting with the Valley Isle, the real estate market remains resilient amidst changing trends. In Maui, the luxury market segment has shown steady sales, with 21 homes sold in both Q1 2024 and Q1 2023. However, there’s been a notable decline of about 33% in the median sold price compared to last year. Despite this, the overall residential market on Maui displays signs of cautious optimism.

Luxury Market Insights:

– Steady sales in the luxury segment reflect consistent demand.
– Despite a decline in median sold price, the market remains stable.
– Increased inventory offers more options for luxury buyers.

Residential Market Trends:
– Median prices and the number of pending and sold listings have improved compared to the same period last year.
– Inventory has increased by 6%, providing more choices for buyers.
– Median sold price has seen a 13% year-over-year increase, showcasing resilience.

OAHU:

Moving to the Gathering Place, Oahu’s real estate market presents a strong start to the year, particularly in the $3M+ segment. With a significant increase in median home prices and a decrease in days on market, Oahu offers opportunities for both luxury buyers and sellers. The residential market also shows promise, with rising median prices and faster-selling homes.

Luxury Market Highlights:
– Median home prices in the $3M+ segment have risen by 32.3% year-over-year.
– Days on market decreased by 11.8%, indicating strong demand.
– Increased inventory provides opportunities for luxury buyers.

Residential Market Overview:
– Rising median home prices signal sustained market interest.
– Pending and sold listings are on the rise, reflecting market growth.
– Inventory levels have increased, offering more options for buyers.

KAUAI:

Venturing to the Garden Isle, Kauai’s real estate market demonstrates strength and resilience in Q1 2024. The $3M+ segment saw a remarkable 850% increase in sales volume compared to the previous year, accompanied by a 40.3% rise in the median sold price. Despite fluctuations, Kauai’s market continues to attract buyers and sellers.

Luxury Market Insights:
– Significant increase in sales volume reflects strong market demand.
– Median sold price rose by 40.3%, showcasing market resilience.
– Properties continue to sell close to asking price, indicating buyer interest.

Residential Market Trends:
– Consistent pending and sold listings demonstrate market stability.
– Rising median sold price and sales volume highlight market growth.
– Inventory levels remain steady, providing options for buyers.

HAWAII ISLAND:

Exploring the Orchid Isle, Hawaii Island’s real estate market had a positive start to 2024. While there was a slight decrease in the median sold price, the market shows resilience with rising price per square foot and faster-selling homes. With increased inventory offering more choices for buyers, Hawaii Island presents opportunities for both buyers and sellers.

Luxury Market Highlights:
– Significant lift in pending and sold listings signals market growth.
– Increased inventory offers more options for luxury buyers.
– Despite a slight decline in median sold price, price per square foot rose year-over-year.

Residential Market Overview:
– Inventory of single-family homes increased by 20.5% year-over-year.
– Pending and sold listings fluctuated but showed an overall upward trend.
– Despite challenges, the market remains resilient with rising price per square foot.

Looking Ahead: Navigating the Island Markets

As we navigate the island markets, it’s essential to stay informed and adapt to changing trends. Whether you’re buying or selling, understanding the nuances of each island’s real estate landscape is key to making informed decisions. If you have any questions or need assistance, feel free to reach out. Let’s work together to navigate the current market and achieve your real estate goals. Aloha!

*Tom Tezak, Hawaii Life REALTOR*

Feel free to share your thoughts on this analysis of the island real estate markets!