Hawaii Luxury Home Market Sunset Beach, Oahu

Hawaii Luxury Home market report July 2020

Hawaii Luxury home market and COVID-19 – July 2020

Updated:  August 27, 2020
The Hawaii luxury home market is changing rapidly. When we started the pandemic shut-down, the market seemed to freeze. We, of course, we were all stunned by this new reality descending upon us. As we went through the End of March, through April and into May, we saw a steady decline in the available listings in the luxury end of the market (above $2 million). Beginning in June and somewhat accelerating through July, we saw an increase in the number of available homes.

 

Luxury Pending home indicator is accelerating

However, The changes in the market seem to be accelerating. Examining the Pending homes, (which is a forward-leaning parameter, showing where the market is likely going), has shot up dramatically since March. It has tripled since March. And the number of Pending homes has nearly doubled from June to July. In fact, the Pending home sales recorded in July for luxury homes was the highest number in 3 years.

 

The Reality:

What does this look like? Desirable homes are being snapped up. In some cases, we see bidding wars for new listings.
Examples of what I have seen in the past few weeks:
  1. Home in excellent condition with a pool selling in days
  2. Excellent condition beach homes, especially furnished, selling in days
  3. Competition is fierce for some homes, and multiple offers are becoming more common.
  4. Homes that allow for extended-family living are selling exceptionally well.

 

Sample of Luxury homes that recently closed:

58-153 Napoonala Place, Haleiwa | Oahu

58-153 Napoonala Place, Sunset | Oahu -$9,000,000 | click to view

 

6021 Summer Street, Paiko Lagoon | Oahu

6021 Summer Street, Paiko Lagoon | Oahu – $4,556,500 | click to view

 

4809 Lower Honoapiilani Rd.

4809 Lower Honoapiilani Road, Lahaina | Maui – $15,500,000 | click to view

 

Hawaii Luxury condo update:

Luxury condos in the state of Hawaii have been trailing the activity of homes during the pandemic. During the beginning of the pandemic in Hawaii, we have seen more homes come on the market and fewer sales. However, that has all changed beginning in early June as sales are accelerated rapidly. Listings that have been sitting on the market for some time are now selling. What is selling in the luxury condo market?
  1. Condos with larger interior space. Condos with about 2000 square-foot or more space are selling well.
  2. Newer or recently remodeled condos.
  3. Condos with direct ocean views

 

The Luxury condos to check out right now in Honolulu

The most popular condos right now are:
  1. Waiea condo
  2. Park Lane
  3. Anaha condo

 

Neighborhoods where we have seen the highest sales:

  1. Beachside, Kailua
  2. Lanikai, Kailua
  3. Diamond Head
  4. Kahala
  5. Mokuleia
  6. Sunset, Haleiwa

 

Buying a luxury home in Hawaii remotely

For both homes and condos, many people are buying right now without being here because of our 14-day quarantine requirement. At Hawaii House Inc. we employ many different techniques to help you make a decision on a property if you can not be here. From Zoom or Facetime meetings, electronic signing, we make it simple for you.

 

Give us a call 808-394-9779 or use the form below to ask your questions!

Also, follow us on our Instagram or Facebook account to get a daily dose of luxury properties new to the market.
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