It is our pleasure to bring you the Compass Hawai’i Q1 2023 Market Report for the Big Island, O’ahu, Maui, and Kaua’i. Overall home sales activity declined around the state. That is no surprise since the significant increase in sales Hawai’i experienced in 2021 and 2022 was COVID fueled. Properties were sometimes purchased sight unseen by California tech entrepreneurs and executives who could work remotely. As many have been called back to corporate campus headquarters the buying binge has dissipated.
Home sales activity on Maui decreased by 47 percent in the first quarter. Condo sales activity in Lahaina declined by 58 percent. On the Garden Island of Kaua’i, single-family home sales activity in Princeville declined by 50 percent compared to last year’s first quarter. On O’ahu, the high-end community of Kahala saw sales activity for condos decline by 53 percent. Moving to the Big Island area of Kona single-family home sales activity was down 26 percent.
What did not decline around Hawai’i was the median sales price for both single-family homes and condos depending on location. On O’ahu’s North Shore (known for its pristine beaches) the median sales price for condos increased by 18 percent to $1 million. The hot spot for appreciation on Maui was single-family homes in Wailea/Makena which increased 75% to $5.7 million in the first quarter. Moving to the Big Island, Holualoa saw the median sales price for single-family homes increase by 45 percent to $1.2 million compared to last year’s first quarter.
Hawai’i is a diverse market where local knowledge is key, especially for mainland buyers and sellers. Compass agents know the market fundamentals well.