Hawaii’s Ultra-Luxury Real Estate Market Sales Soar 600%
Hawaii’s luxury real estate market is soaring to all-time highs fueled by several factors including pent-up demand from the coronavirus pandemic, record low interest rates and rising equity markets. In the first three quarters of this year, homes valued at $3 million or more saw sales volume rise 235% compared with the same period in 2020. Deal volume hit a record-breaking $3.7 billion, according to Hawaii Life’s Luxury Market Report. But sales of homes priced above $10 million have climbed at an even more robust pace — trouncing state records. “It’s just been like a rocket ship,” said Hawaii Life Real Estate CEO Matt Beall. “Referring strictly to the data, it’s just an incredible, incredible event for the market.” The state’s previous record for volume was set in 2017, when the first three quarters of the year saw 317 transactions and $1.67 billion in total luxury home sales. Over the same time period, 2021 saw more than double the sales volume and two times the transactions, with 634 sales of homes priced above $3 million. That’s an average of about 16 luxury homes selling per week, every single week for 39 straight weeks. ?The volume and the velocity of Hawaii’s real estate market have shattered every record and historical norm previously held,” said Beall in his report. According to the data, the average luxury home in the state sold for more than $6 million, up 12.4% over the same period last year, with an average price per square foot of $1,795. Most notable was the staggering growth in the ultra-luxury market, which includes homes priced above $10 million. In the first three quarters, there were 64 transactions totaling $1.06 billion in sales in this segment — a 603% change in dollar value over the previous-year period and more than six times the number of transactions. Across the state’s eight major islands, most of the growth in ultra-luxury sales came from the Big Island, which saw a 1,582% change in sales volume over 2020. That gain was followed by Maui, which saw a rise of 644% in sales volume, and Kauai, which was up 640%.
Tags : INTERNATIONAL Hawaii Ultra-Luxury Real Estate Market rising equity Matt Beall staggering growth