Download the 2019 Hawaii Life Luxury Market Report Here!
We are excited to share our 2019 Hawaii Life Luxury Market Report, presented by HL1 — a review and analysis of statewide sales and trends in Hawaii’s high-end real estate market.
The 2019 Hawaii Life Luxury Market Report aggregates the collective knowledge of the most experienced, seasoned real estate brokers in Hawaii. Researched and compiled by CEO & Principal Broker Matt Beall, with findings and insights from HL1 Directors from across the state, the report contains robust market intelligence, analysis, stats, data and forecasting, and details notable listings across the state in early 2019.
Here are just some of the highlights:
2018 Saw Robust High-End Sales Statewide
Last year, there were more transactions above the $10 million mark in Hawaii than any previous year, up from 27 total sales in 2017 to 35 in 2018, an increase in this segment of the market of more than 29% year over year. The report also shows that 2018 was a banner year for sales at or above the $3 million mark, with a total of 356 sales in this market segment across the state.
The island of Oahu had the highest number of high-end sales in 2018. In the $10+ million range, there were 11 single-family home sales, four condominium sales and the sale of one parcel of land, for a total of 16 transactions over $10 million. In that same market segment, the shift from nearly all new developer product back to single-family homes was a significant trend for Oahu.
The island of Kauai had the most dramatic increase in high-end real estate trades of any island in Hawaii. In 2018, there were 52 combined residential, land and condo sales on Kauai above $3 million, more than double the number of sales in that market segment in 2017. On Maui, the number of sales above $3 million was similar to 2017, with 93 compared to 94.
The Hawaii market was resilient in a year that was marked by several unexpected natural disasters. The state weathered significant hurricanes, wildfires, landslides, extensive flooding and volcanic eruptions. The volcanic activity, in particular, shone an unduly negative media spotlight on Hawaii Island, causing the island’s visitor industry numbers to fall at double digit rates in late summer, before rebounding later in the year.
2018 was a benchmark year for sales over $20 million on Maui, with seven sales that closed above that price last year. Prior to 2018, there had been a total of five sales in Maui’s history at $20 million or above. Two South Maui properties sold last year for $22.8 million and $20 million, respectively. HL1 Directors Dave Richardson and Josh Jerman represented the clients in these transactions.
Hawaii Life’s Record Breaking Year in Sales
Biggest Sale Ever in the State of Hawaii
The report details an extraordinary year of sales during which our team collectively achieved $1.7 billion in real estate sales statewide. In a record-setting year, our premier Kauai agent, Neal Norman, represented both the buyer and seller in the largest single real estate transaction in Hawaii to date, for the sale of a residence on the North Shore of Kauai which sold for $46.1 million.
Double the Market Share of Our Competitors
“For as long as we’ve been publishing this magazine, the Directors of HL1 have maintained a dominant market share of Hawaii’s high-end real estate trades,” Matt Beall notes in the report. “In 2018, Hawaii Life commanded an impressive 31% market share in the market segment of sales at or above $10 million — more than twice that of our nearest competitor.”
Hawaii Life was also the market leader in sales above the $3 million residential market sector. Three million dollars is a widely accepted benchmark for luxury homes in a state where the average home price is more than $1 million. Our team of Hawaii real estate professional garnered 15.6% of the market share in this segment, more than twice that of our nearest competitor.
Get Access to the Report
These are just some of the findings from last year’s sales data and trends. The report delivers a wealth of knowledge from our company’s most talented agents across the state, to help you make informed decisions
About the Hawaii Life Luxury Market Report
Hawaii Life One (HL1) is a curated collection of high-end properties represented by an elite group of highly specialized brokers within Hawaii Life, who serve as HL1 Directors. The 2019 Hawaii Life Luxury Market Report incorporates information from the company’s leading brokers, who serve as HL1 Directors statewide. These include Erik Hinshaw, Maggie Huang and Patricia Choi of Oahu; Mary Anne Fitch, Josh Jerman, Dave Richardson and Ray Chin of Maui, Neal Norman of Kauai; and Carrie Nicholson and Steve Hurwitz of Hawaii Island.