Sales of homes in Hawaii’s residential resort market in 2014 fell to 1,316, down from 1,447 in 2013, but the average price rose 6.6 percent to $1.23 million, according to data collected by Ricky Cassiday, principal of Data@Work.
For sales including bulk sales by island, Maui had the highest sales in 2014 at 451; followed by Kauai at 394; Big Island at 389; and Oahu at 92. By average sales price, Maui led all islands with an average price of $1.56 million. Big Island was next highest with average prices of $1.41 million; followed by Kauai at $805,314 and Oahu at $680,743.
By price range, sales were moving from the lower to higher ends. In the $250,000-$499,999, 319 sales closed in 2014, down 7 percent from 2013. In the $1 million-$1.249 million range, 124 properties sold, up 13 percent from 2013. For properties over $3 million, 104 properties were sold, a 4 percent increase.
New condominium sales were up to 124 in 2014 from 88 a year before, but is significantly down from a 861 in 2006. The price per square foot in the developer condo market is up to $830 from $779 in 2013.
With sales down and prices up, one might assume that very little new product inventory exists, but Cassiday says new condo sales actually increased from 192 to 195 in 2014. He adds that new product is in the pipeline, including projects in Makena and Wailea on Maui and Princeville Lagoons on Kauai.
Another reason could be on the demand side, saying, “the buyers in the price ranges below median price are less confident than those above, and are staying on the sidelines,” he said. “Hence, the high end seems to be driving the market, for now.”
Jason Ubay Reporter – Pacific Business News