It is our pleasure to bring you the Compass Hawaii Q4 2022 Market Report for the Big Island, Oahu, Maui, and Kauai. The Hawaii market followed the trend of Southern California with home sales activity slowing on all islands in the fourth quarter. As many Hawaii buyers are from “the mainland” buying a second home was put on hold for many. Consider that a second home is essentially a discretionary purchase, especially in Hawaii. As in Southern California, Hawaii buyers also took that wait-and-see attitude as far as where home prices are headed.
Home sales activity around Hawaii (all islands) fell 47 percent in the fourth quarter. On Oahu which has the largest share of foreign buyers (from Japan and China), sales activity fell 43 percent. The Garden Island of Kauai where mainland buyers flocked to during COVID saw home sales activity fall 51 percent compared to last year. On Oahu buyers who did write contracts moved slower than in 2021’s fourth quarter increasing the Average days on market from 28 to 48.
Home sale prices on Maui, which is most popular with visitors who can turn into buyers, saw the median sales price increase 12 percent in the fourth quarter reaching $1.4 million. Conversely, condos in Maui’s Wailea/Makena area saw the median sales price decline by 26 percent to $1.7 million in the fourth quarter. On Oahu, the median sales price rose 4 percent to 1.3 million. As Hawaii is traditionally a market often impacted by external forces working with an experienced Compass agent there is key to locating opportunities that do exist in today’s climate.
The full report is available here: Hawaii Q4 2022 Market (Micro) Insights Report