Hawaii Quarterly Market (Micro) Insights Report: Q1 2022
April 22, 2022 | Source: Compass California Real Estate Blog
It is our pleasure to bring you the Compass Hawaii Q1 2022 Market Report for the Big Island, Oahu, Maui, and Kauai. Hawaii’s real estate market replicated Southern California’s with low inventory and rising prices. Home sales activity on Kauai is down 21 percent. Maui’s up-country Kula area had a 55 percent decline in single-family home sales activity for the first quarter. The median sales price in Kula increased by 39 percent to $1.8 million. During peak pandemic buying mainland buyers snapped up often unseen single-family homes and condos on both Maui and Kauai.
On Kauai’s beautiful north shore the median single-family home sales price rose by 25 percent to $1.8 million. Princeville, with traditional large condo inventory, saw the median condo price rise by 28 percent in this year’s first quarter to $932,500 while home sales for those condos dropped by 39 percent. This is most likely due to a combination of low inventory and the steep median home price increase. Oahu was Hawaii’s only market showing increased home sales in the first quarter. Home sales activity rose by almost 3 percent while the median sales price increased by 43 percent to $1.4 million. Despite tight inventory around most of Oahu, condo sales activity in Waikiki was quite strong, increasing by 38 percent over last year’s first quarter. The median sales price for those condos showed only a modest year-over-year 7 percent increase to a relatively affordable median sales price of $423,000. The Big Island of Hawaii saw home sales activity decline by 22 percent with the median sales price increasing by 24 percent to $620,650. Look to Compass’s strong presence across the state to continue in 2022.