Where Did Hawaii Buyers Come From in 2024?
Are you curious about where the majority of the buyers in Kauai’s real estate market came from in 2024? Congratulations to Hawaii!
In 2024, Hawaii residents were responsible for the most transactions on Kauai and statewide. It’s exciting to see that Hawaii residents made up three times the number of transactions compared to our second-largest buyer market, California. What a remarkable display of local investment in Kauai and Hawaii!
The Majority of Kauai Property Buyers in 2024 Came From:
- Hawaii – Leading the pack with 461 transactions, totaling $427.7 million.
- California – A close second with 112 sales, contributing $215.1 million.
- Utah, Nevada, and Colorado – These states made notable investments, with Utah buyers spending $27.9 million, Nevada $25.8 million, and Colorado $35.1 million.
International buyers remained active but represented a smaller share of overall transactions.
A Strong Year for Kauai’s Real Estate Market
Kauai’s total sales volume in 2024 reached $914.9 million, driven primarily by buyers from Hawaii and the mainland U.S. This marks a strong and healthy market, reflecting both resilience and continued interest in Kauai properties.
A Look at Kauai’s Regional Market
Breaking down the sales by region:
- Hanalei – $72.7 million across 47 transactions.
- Kawaihau – $83.6 million across 29 transactions.
- Lihue – $95.7 million across 113 transactions.
- Koloa – A standout performer with $108.3 million in sales across 113 transactions.
- Waimea – A quieter but still active market with $33.3 million across 56 transactions.
What’s Ahead for Kauai’s Real Estate Market?
When comparing 2024 to the previous year, we see steady growth, particularly in areas like Koloa and Lihue, where sales volumes have increased. While foreign investments are present, they remain a smaller percentage of overall transactions. The data suggests that U.S. buyers, especially from Hawaii and California, will continue to drive Kauai’s real estate market as we move into 2025.
Navigating Real Estate in Hawaii: A Complex Process
Purchasing real estate in Hawaii can be challenging, not only because of the market’s higher price points but also due to various unique considerations that can arise during a transaction. These include, zoning regulations, complex shoreline regulations, flood zones, restrictions on renovations and expansions, and more. Additionally, understanding CPRs (Condominium Property Regimes) and other complexities is crucial.
On top of that, recent changes in real estate representation laws now require buyers to sign representation agreements with their buyer agents before viewing properties.
Important Tip:
If you are considering buying or selling in 2024, be sure to interview your agent—and don’t settle for just one option or who ever pays to advertise on Zillow.. We all know someone in the industry, but it’s essential to choose your agent based on their experience and expertise, not just who you know.
Ask your agent questions such as:
- How much experience do they have in real estate?
- Have they handled enough transactions to navigate tough negotiations?
- Are they active in the market and familiar with the current trends and complexities?
- Is this their full time commitment or just a side gig?
- What types of transactions have they represented in the last 6 months.
- How do they navigate a 7 days a week business, do they have a partner, a team they employ?
A seasoned realtor will be able to provide you with valuable insights and handle unexpected challenges during escrow. I started my career as a hobbyist realtor, and it wasn’t until I transitioned to full-time career agent over a decade ago that I truly understood the depth of the market and its complexities. Being immersed in it every day has been crucial for providing my clients with the experience and knowledge they deserve.
Remember, real estate transactions can be complex, and for many, this is one of the biggest financial decisions most Buyers or Sellers ever make. As professionals it is normal to be interviewed and demonstrate why clients should hire us. If you’re interested in learning more about the experience and market knowledge I bring to my clients, don’t hesitate to give me a call. I’d love to hear from you!
Data and Graphics Provided by Title Guaranty
Title Guaranty of Hawaii, owned and operated by a kamaʻaina family since 1896, brings unmatched local knowledge to Hawaii’s real estate market. With over 300 employees across the state, Title Guaranty offers fast, thorough solutions for every type of Hawaii-specific real estate situation. They also maintain the largest real estate database in Hawaii.
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