It is our pleasure to bring you the Compass Hawaii Q3 2022 Market Report for the Big Island, Oahu, Maui, and Kauai. Hawaii is a diverse market that differs from island to island. Home sales activity in the third quarter around the state fell by 39%. Mainland buyers who comprise a sizable portion of second and third-home buyers were not rushing to write offers. Not surprising since the median sales price in Hawaii increased by 23 percent to $1.4 million.
The “Garden Island” of Kauai saw its third-quarter median sales price increase 58% to $2.1 million compared to the same time last year. The small town of Hanalei on Kauai’s North Shore saw the median sales price for single-family homes reach $3.5 million, an 87 percent increase over last year’s third quarter. Kauai’s sizeable price increase did not deter buyers who made fast decisions reducing average days on market from 91 in last year’s third quarter to 61. On Maui in the popular resort area of Wailea/Makena, the median sales price for single-family homes increased 78 percent to $5.3 million. The condo-heavy area of Lahaina saw sales activity drop 51 percent in this year’s third quarter. While the median sales price for a condo in Lahaina rose 13 percent to $840,000. The Big Island saw its median sales price increase 24 percent to $707,000. On Oahu which attracts buyers from both the mainland and Asia housing sales activity slowed by 29 percent in the third quarter.
When buying or selling in Hawaii relying on the strong local knowledge and network of Compass agents is invaluable. They know first-hand how to handle transactions to result in a smooth closing.