Hawaii Real Estate Market Report – May 2015

Original blog post and information found at Locations LLC

For the state of Hawaii as a whole, the number of sales are up 19% for single-family homes and are up 8% for condos when compared to last month. The numbers show that median single-family home prices are down 5% when compared to last month and up 5% when compared to April 2014. Median condo prices are down 3% when compared to March, and up 5% from a year ago.

Statewide, it took a median of 35 days to sell a single-family home and 30 days to sell a condo.

When compared to March 2015, the number of single-family home sales is up across the board. Maui is up 2%, the Big Island is up 21% and Oahu is up 26% and Kauai remains unchanged. When compared to April last year, Maui is up 2% , Kauai is down 13%, The Big Island is down 3%, while Oahu is up 23%.  

Of all the islands in January, Oahu has the highest price for single-family homes at $672,450 while Maui has the highest price for condos at $405,000The Big Island has the lowest prices for single-family homes and condos at $378,950 and $260,000 respectively.

Single-Family Home Prices

  • $378,950 – Big Island
  • $564,250 – Kauai
  • $578,000 – Maui
  • $672,450 – Oahu

Condo Prices

  • $260,000 – Big Island
  • $347,000 – Oahu
  • $370,000 – Kauai
  • $405,000 – Maui

Big Island’s single-family homes showed the largest increase in median pricing when compared to last month at 15%, Kauai condos showed the largest increase at 35% when compared to April. 

When compared to last month, the number of condo sales are down 23% on Kauai,and 11% on Maui while Big Island is up 39% and Oahu is up 11% on Oahu. When compared to March last year, Oahu is the up 3%, Big Island is up 22%, While Maui is down 25% and Kauai is down 27%.

When we compare median single-family home prices to a year ago, Oahu is up 4%  the Big Island is up 20%, Kauai is up 7% while Maui is down 3%. Condo prices, when compared to April last year, Oahu is up 7%, Kauai is down 2%, Maui is down 25% and the Big Island is up 22%.

These statistics reflect the entire state of Hawaii as a whole as well as the individual islands, but real estate is local, and each island, region and neighborhood has its own market trends.

Contact us for real estate market information.

About the Author

Brandon Lau grew up in Kailua and currently resides in Honolulu with his wife Andee and children Caylah, Elijah, and David. His eighteen years in real estate led him to become a Partner at ChaneyBrooks Choice Advisors. Over the past 10 years he has developed the team and systems that has created a high level of service and value for his clients.

What differentiates Brandon and his team is his consultative approach to real estate. He advises clients with relevant data and expert insight to help them make the best choices in real estate. Good choices in planning for long term dispositions, negotiating for the best price or knowing when not to pursue an investment are ways his consultative services will give you an advantage in the marketplace. His bottom line is providing service with the utmost integrity and expertise.