Throughout 2023, Hawaii’s overall real estate market endured many ups and downs. From rising mortgage interest rates and a limited supply of homes for sale to a decline in visitors and uncertainty about an economic recession, the market faced significant challenges. However, reflecting on the year, the real estate market held strong, with median sales prices remaining relatively flat and holding just below all-time highs. The return of consumer confidence and declining mortgage interest rates in Q4 should provide favorable tailwinds for the year ahead.
Much like the larger Hawaii market, Waikoloa real estate reflected similar trends. Median sales prices remained flat year-over-year, but there was a significant decline in total sales—a combined 21% decrease across all property types. This was largely due to the near-historic lows in homes for sale. As supply continues to be limited, sellers still have the upper hand, but buyers are becoming more critical in their home purchases. Long gone are the days of waived home inspections, multiple offers over asking price, and quick closings.
Primary indicators of demand are showing a ‘return to normal,’ reflective of a pre-pandemic sales environment. Days on the market have doubled for both single-family homes and condos, and the number of properties sold above asking price has dropped by 70%. Additionally, 40% of properties sold experienced at least one price reduction. While these percentages are significant, there is no cause for concern as it is healthy for the market to rebalance and for sellers to reset expectations.
Tips for 2024
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- Keep an eye on mortgage interest rates: As rates decline, more buyers will enter the market. Competition often drives prices higher, but this may not be the case as affordability concerns will persist.
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- Watch new listings too: With more inventory in the market, it will be important to see how quickly it sells. If inventory sits, sales prices may dip.
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- Pricing matters for sellers: Properties that present well and are priced correctly continue to sell at or above asking price. These properties also sell in the shortest amount of time.
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- Be ready to act quickly for buyers: With an uptick in competition expected, ensure you have a good grasp on the market, financing in order, and an agent who can work quickly to help your offer stand out.
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- Remember real estate is a long game: Historically, it’s nearly impossible to time the top or bottom of any market. If you stay long-term, Hawaii real estate remains a sound investment, especially given the limited number of new construction homes in the pipeline.
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- Manage your expectations: The market has changed since 2021, and so should your expectations. Sellers and buyers should work collaboratively to ensure deals close and both parties are satisfied.
With that, please reach out if we can be of any assistance to you in your real estate needs. From representing buyers and sellers to providing property management services (including vacation rentals), the team at Waikoloa Properties is ready to help.
Waikoloa Real Estate Market Stats 2023
Waikoloa Single-Family Homes
| 2022 | 2023 | Difference | |
|---|---|---|---|
| Total Sales | 95 | 85 | -11% |
| Median Price | $898,000 | $900,000 | 0% |
| Days on Market | 27 | 58 | 113% |
| Sold Above Asking | 44% | 11% | -76% |
| Price Adjustment | 22% | 45% | 102% |
Waikoloa Village Condos
| 2022 | 2023 | Difference | |
|---|---|---|---|
| Total Sales | 79 | 62 | -22% |
| Median Price | $459,000 | $458,000 | 0% |
| Days on Market | 18 | 39 | 124% |
| Sold Above Asking | 39% | 13% | -67% |
| Price Adjustment | 19% | 39% | 104% |
Waikoloa Beach Resort Condos
| 2022 | 2023 | Difference | |
|---|---|---|---|
| Total Sales | 68 | 44 | -35% |
| Median Price | $999,444 | $957,000 | -4% |
| Days on Market | 16 | 49 | 199% |
| Sold Above Asking | 46% | 14% | -70% |
| Price Adjustment | 12% | 45% | 286% |
Waikoloa Land
| LND | 2022 | 2023 | Difference |
|---|---|---|---|
| Total Sales | 12 | 5 | -58% |
| Median Price | $308,000 | $280,000 | -9% |
| Days on Market | 115 | 13 | -89% |
| Sold Above Asking | 17% | 20% | 20% |
| Price Adjustment | 42% | 20% | -52% |
Summary by Neighborhood
| Neighborhood | Total Sales | Median Price | Days on Market (Avg.) |
|---|---|---|---|
| Kikaha At Wehilani | 3 | $1,050,000 | 63 |
| Kilohana Kai At Waikoloa | 9 | $1,120,000 | 49 |
| Kipona Hills Subdivision | 2 | $867,501 | 156 |
| Paniolo Estates | 4 | $687,875 | 64 |
| Pheasant Ridge At Waikoloa | 3 | $695,000 | 96 |
| Sunset Ridge At Waikoloa | 17 | $905,000 | 42 |
| Waikoloa Village | 47 | $890,000 | 58 |
Summary by Condo Complex
| Complex | Total Sales | Median Price | Days on Market (Avg.) |
|---|---|---|---|
| Elima Lani Condominiums | 18 | $430,500 | 51 |
| Fairway Terrace | 12 | $409,500 | 47 |
| Fairway Villas At Waikoloa Beach Resort | 9 | $920,000 | 29 |
| Greens At Waikoloa | 5 | $575,000 | 16 |
| Halii Kai | 1 | $1,475,000 | 13 |
| Kolea Condo Villas | 3 | $1,450,000 | 199 |
| Makana Kai At Wehilani – Ph I | 3 | $529,000 | 52 |
| Paniolo Club I & II | 1 | $565,000 | 4 |
| Pointe At Waikoloa | 1 | $900,000 | 11 |
| Shores At Waikoloa Beach Resort | 7 | $880,000 | 66 |
| Vista Waikoloa | 7 | $955,000 | 71 |
| Waikoloa Beach Villas | 12 | $967,500 | 20 |
| Waikoloa Colony Villas | 5 | $990,000 | 19 |
| Waikoloa Fairways | 7 | $680,000 | 11 |
| Waikoloa Hills Condo | 3 | $555,000 | 74 |
| Waikoloa Village Condominiums | 5 | $465,000 | 4 |
| Waikoloa Villas Ph I & II | 7 | $600,000 | 54 |
Get in Touch
We’re here to assist with any questions you might have regarding properties at Kolea for sale, listing your property, or optimizing your vacation rental income.
See something you like? We’d love to arrange a private showing at your earliest convenience.
