10 Key Insights From the Hawai‘i Luxury Market Report
We recently released the Hawai‘i Luxury Market Report and it’s full of island-by-island data and insights from our top-producing Hawai‘i real estate agents across the state. Here are just a few of the highlights we thought you should know about. The report covers all Hawai‘i real estate sales above $3 million in the first three quarters of this crazy year!
State of Hawai‘i
1. Did you know that statewide real estate sales above the $3 million luxury benchmark kept pace with 2019 in the first three quarters of 2020? Despite a global pandemic and a sizeable dip in market activity due to travel restrictions in March and April, statewide luxury property sales are on track to exceed 2019 sales.
2. Did you know that Hawai‘i luxury real estate sales reached almost $1.1 billion statewide by the end of the third quarter? Here’s how those luxury home sales above $3 million map out, by island:
- O‘ahu Q1-Q3 Sales = $434 million.
- Hawai‘i Island Q1-Q3 Sales = $288.7 million.
- Maui Q1-Q3 Sales = $250.6 million.
- Kaua‘i Q1-Q3 Sales = $121 million
Old Honolulu Charm – 3639 Diamond Head Road, Honolulu, Hawaii
3. Did you know that O‘ahu topped Maui this year for the largest number of home sales above $10 million? Maui usually takes the lead here, but in 2020, O‘ahu had the most super-luxury home sales. These included two premier condominiums at Park Lane in Honolulu, and two beachfront estate homes in Kailua.
4. Did you know that remoteness has become a plus, even on O‘ahu, known as the “Gathering Place”? The pandemic has wrought significant changes to the way we live and work, and that’s being reflected in an uptick in luxury home sales in more remote locations. On O‘ahu, that means a few more sales in Hau‘ula, Laie, the North Shore and Kane‘ohe. Inquiries about homes that are off the beaten path are rising on all islands.
5. Did you know that the highest-priced transaction in the State of Hawai‘i this year took place on Kaua‘i? It was a stunning Weke Road property in Hanalei, listed and sold by Hawai‘i Life’s Neal Norman, for a final price of $36.75 million.
6. Did you know that Hawai‘i Life consistently has more than 30% of the Kaua‘i luxury market share? Founded on Kaua‘i in 2008, it’s no wonder that Hawai‘i Life continues to dominate the island’s luxury market, reaching 31.5% of the total sides of business in transactions above $3 million in the first three quarters of 2020.
Big Island Clifftop Estate– 32-1056 Old Mamaloa Highway
7. Did you know that luxury sales on the Big Island have outpaced the first three quarters of 2019 by almost 17%? Total luxury sales on the Big Island topped $288 million by the end of September this year.
8. Did you know that Mauna Kea residential resort sales are up a whopping 65% over last year and up 32% over 2018? A substantial capital improvement project valued at $100 million, plus Mauna Kea’s prestige, safety, abundant sunshine and ocean views make it an incredibly desirable area.
Dillingham Ranch – North Shore, Oahu, Hawaii
9. Did you know that Hawai‘i Life is the leading brokerage in our state in luxury listings and sales? Hawai‘i Life captured 15.27% of the total luxury market share to the end of September of this year.
10. Did you know that Hawai‘i Life exceeded our company’s 2019 total sales volume (of $1.6 billion statewide) by mid-October of 2020? Hawai‘i Life exceeded 2019 full-year sales by the second week of October, with two and a half months left of sales transactions ahead. That’s right. Hawai‘i Life crushed our total sales volume (by dollar amount) by mid-October of this year, including all total sales (not just the luxury market above $3 million).
Makena Estate – 5490 Makena Rd., Kihei, Hawaii
To learn more interesting stats and to gain a clear understanding of Hawai‘i’s high-end real estate market, download the Hawai‘i Luxury Market Report today! It’s loaded with data, key insights, forecasts, notable listings like the ones you see on this page, and more!