It is our pleasure to bring you the Compass Hawai’i Q2 2023 Market Report for the Big Island, O’ahu, Maui, and Kaua’i. Overall home sales activity declined around the state by 33 percent. The median sales price held steady statewide showing a 2 percent gain to $1.2 million. Sales activity did decline on all four islands. The Big Island had a smaller sales activity decline at 23 percent compared to the other islands.
The Garden Isle of Kaua’i saw prices soften island-wide with the median sales price decreasing by 9 percent to $802,156 Princeville on Kaua’i’s North Shore saw the median sales price for single-family homes increase by 10 percent to $2.2 million.
On O’ahu, which draws the most visitors, some who become buyers, the median sales price fell by 8 percent to $1.2 million. The upscale Diamond Head neighborhood east of Waikiki saw the median sales price for single-family homes show less than a 1 percent decline to $1.7 million. Diamond Head condos had a second-quarter median sales price decline of 8 percent to $632,500. Maui, which historically does well with vacation rentals resulting in a strong condo market island-wide saw the median sales price for condos increasing in several areas. Kihei’s condos had a 12 percent increase to $951,500. Lahaina condos had a 5 percent median sales price increase to $942,500.
Hawai’i is a location-centric market with each island offering a unique lifestyle. Compass agents around the state are eager to share their local market knowledge with buyers looking for their perfect island home.
The full report is available here: Hawaii Q2 2023 Market Micro Insights Report