Professional Documents
Culture Documents
Residential Home Sales in Hawaii
Residential Home Sales in Hawaii
Thousands
24,000
$500
20,000
$400
16,000
$300
12,000
$200
8,000
$100
4,000
$0
The same charts at county level in Figure 2 reveal that the 2010 hike in the number of sales was
mostly due to the increase in sales in neighbor islands, especially in Hawaii county, in that year.
The four counties in Hawaii didnt share the same price trend over the years. While the average
sale price in Hawaii County and Maui County increased by a large scale in 2013 - 2014 and the
upward trend continued in 2015, the average sale price of homes in Honolulu County showed a
decent increase in 2010 and 2014, but year-to-date through September price in 2015 was lower
than the price observed in 2014. Since this data includes not only resales of existing homes but
also sales of new developments, number of sales and average sale price tend to fluctuate more
than those of resales-only, depending on the availability and price range of new sales.
Figure 2. Number of home sales and average sale price in Hawaii by county
Honolulu County
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Avg price
No of Sale
14,000
12,000
10,000
8,000
Thousands
Thousands
Avg price
Hawaii County
6,000
4,000
2,000
2008 2009 2010 2011 2012 2013 2014 2015
Sep
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Kauai County
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
Page | 2
14,000
12,000
10,000
8,000
6,000
4,000
2,000
2008 2009 2010 2011 2012 2013 2014 2015
Sep
Maui County
No of Sale
Avg price
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Thousands
Thousands
Avg price
No of Sale
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
No of Sale
14,000
12,000
10,000
8,000
6,000
4,000
2,000
Local
residents,
72.5%
Foreigners,
4.0%
2009
2010
Local residents
Mainlanders,
23.5%
2011
2012
Mainlanders
2013
2014
Foreigners
3.7%
4.2%
5.0%
4.9%
3.8%
3.4%
3.2%
2008
2009
2010
2011
Local residents
2012
2013
Mainlanders
2014
Foreigners
2015
Sep
630,390
478,189
Local buyer
Mainland buyer
Foreign buyer
$1,200
$1,000
$800
$600
$400
$200
$0
2008 2009 2010 2011 2012 2013 2014 2015
Sep
Local buyer
Mainlander
Foreigner
Mainlander
Honolulu
County
54.6%
3.4%
43.0%
2.4%
7.1%
44.9%
48.0%
Maui County
Total
Statewide
39.7%
56.9%
Kauai County
3.6%
11.7%
84.7%
Hawaii County
Area
Foreigner
Local buyer
Mainland buyer
Foreign buyer
139,998
100%
101,496
72.5%
32,838
23.5%
5,664
4.0%
Honolulu County
85,860
100%
72,686
84.7%
10,044
11.7%
3,130
3.6%
Hawaii County
26,348
100%
15,001
56.9%
10,456
39.7%
891
3.4%
Kauai County
7,038
100%
3,841
54.6%
3,028
43.0%
169
2.4%
Maui County
20,752
100%
9,968
48.0%
9,310
44.9%
1,474
7.1%
Mainlander
Foreigner
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Honolulu County
Area
Hawaii County
Kauai County
Maui County
Total
Local buyer
Mainland buyer
Foreign buyer
Statewide
$526,326
$478,189
$630,390
$785,604
Honolulu County
$542,676
$521,224
$615,054
$808,566
Hawaii County
$379,248
$274,469
$512,052
$584,834
Kauai County
$580,170
$478,548
$710,090
$561,998
Maui County
$627,162
$470,817
$753,919
$883,842
Page | 5
Hawaii
County
Kauai
County
Maui
County
Page | 6
20%
30%
Foreigners
40%
70%
50%
60%
80%
90% 100%
Average
no. of sales
per year
Leeward
5,583
2,236
Central
1,972
Windward
1,176
North Shore
112
Kohala Coast
962
Puna
Kona
888
815
Hilo
420
Kau
185
North Kohala
81
Hamakua
49
Kawaihau
Koloa
242
233
Hanalei
199
Lihue
191
Waimea
42
Southside
Westside
766
752
Up Country
570
Central
358
Molokai
94
North Shore
85
Lanai
35
East Maui
18
Honolulu
Honolulu
County
10%
Mainlanders
Local buyer
Mainland buyer
Foreign buyer
139,998
100%
101,496
72.5%
32,838
23.5%
5,664
4.0%
Honolulu County
85,860
100%
72,686
84.7%
10,044
11.7%
3,130
3.6%
Central
15,283
100%
14,138
92.5%
1,087
7.1%
58
0.4%
Honolulu
43,267
100%
35,177
81.3%
5,327
12.3%
2,763
6.4%
Leeward
17,327
100%
14,990
86.5%
2,160
12.5%
177
1.0%
870
100%
720
82.8%
145
16.7%
0.6%
9,113
100%
7,661
84.1%
1,325
14.5%
127
1.4%
26,348
100%
15,001
56.9%
10,456
39.7%
891
3.4%
379
100%
244
64.4%
130
34.3%
1.3%
Hilo
3,254
100%
2,571
79.0%
655
20.1%
28
0.9%
Kau
1,432
100%
740
51.7%
671
46.9%
21
1.5%
Kohala Coast
7,456
100%
4,034
54.1%
3,007
40.3%
415
5.6%
Kona
6,315
100%
2,923
46.3%
3,155
50.0%
237
3.8%
627
100%
368
58.7%
245
39.1%
14
2.2%
Puna
6,885
100%
4,121
59.9%
2,593
37.7%
171
2.5%
Kauai County
7,038
100%
3,841
54.6%
3,028
43.0%
169
2.4%
Hanalei
1,545
100%
547
35.4%
953
61.7%
45
2.9%
Kawaihau
1,878
100%
1,095
58.3%
728
38.8%
55
2.9%
Koloa
1,804
100%
906
50.2%
848
47.0%
50
2.8%
Lihue
1,482
100%
1,040
70.2%
425
28.7%
17
1.1%
329
100%
253
76.9%
74
22.5%
0.6%
20,752
100%
9,968
48.0%
9,310
44.9%
1,474
7.1%
2,771
100%
2,163
78.1%
587
21.2%
21
0.8%
East Maui
136
100%
75
55.1%
60
44.1%
0.7%
Lanai
269
100%
170
63.2%
92
34.2%
2.6%
Molokai
728
100%
386
53.0%
306
42.0%
36
4.9%
North Shore
662
100%
439
66.3%
203
30.7%
20
3.0%
Southside
5,937
100%
2,039
34.3%
3,120
52.6%
778
13.1%
Up Country
4,421
100%
3,024
68.4%
1,286
29.1%
111
2.5%
Westside
5,828
100%
1,672
28.7%
3,656
62.7%
500
8.6%
North Shore
Windward
Hawaii County
Hamakua
North Kohala
Waimea
Maui County
Central
Page | 7
Table 2. Average sale price by buyer and by sub-county area (Jan. 2008 Sep. 2015)
Area
Local buyer
Mainland buyer
Foreign buyer
Statewide
$526,326
$478,189
$630,390
$785,604
Honolulu County
$542,676
$521,224
$615,054
$808,566
Central
$412,629
$412,176
$422,022
$346,983
Honolulu
$586,029
$560,710
$627,727
$827,985
Leeward
$462,825
$456,643
$496,469
$575,794
North Shore
$665,737
$582,650
$1,074,885
$765,000
Windward
$695,014
$661,754
$865,460
$923,019
Hawaii County
$379,248
$274,469
$512,052
$584,834
Hamakua
$309,344
$276,461
$371,923
$287,000
Hilo
$278,777
$263,513
$337,609
$304,081
Kau
$142,340
$154,730
$131,342
$57,133
Kohala Coast
$672,085
$365,923
$1,048,597
$919,999
Kona
$393,793
$369,301
$413,666
$431,298
North Kohala
$577,800
$502,680
$684,317
$688,321
Puna
$131,309
$125,523
$142,884
$95,231
Kauai County
$580,170
$478,548
$710,090
$561,998
Hanalei
$868,843
$635,857
$1,007,796
$758,184
Kawaihau
$539,514
$531,943
$563,259
$375,974
Koloa
$613,899
$491,901
$736,642
$742,801
Lihue
$336,603
$356,050
$296,987
$137,243
Waimea
$368,832
$363,080
$388,904
$353,767
Maui County
$627,162
$470,817
$753,919
$883,842
Central
$374,741
$368,953
$394,710
$412,797
East Maui
$510,693
$311,762
$767,702
$10,000
Lanai
$667,784
$440,487
$1,010,355
$1,685,500
Molokai
$221,621
$212,295
$240,327
$162,622
North Shore
$635,335
$546,057
$831,790
$600,953
Southside
$780,456
$543,480
$905,422
$900,379
Up Country
$526,072
$483,600
$606,575
$750,496
Westside
$718,276
$541,009
$766,113
$961,265
Page | 8
Local
residents,
72.5%
32,838
100%
$630,390
California
12,624
38.4%
$680,556
Texas
3,435
10.5%
$500,048
Washington
2,792
8.5%
$620,877
Oregon
1,128
3.4%
$507,788
Colorado
1,094
3.3%
$701,343
Alaska
869
2.6%
$382,950
Arizona
840
2.6%
$669,814
Florida
832
2.5%
$545,612
Illinois
802
2.4%
$1,206,691
8,422
25.6%
$593,810
Kauai
County
9.2%
Hawaii
County
31.8%
Table 3. Top ten most popular areas to mainland buyers (Jan. 2008 Sep. 2015)
Number of home sales
Area
Number
Honolulu County-Honolulu
5,327
16.2%
$627,727
Maui County-Westside
3,656
11.1%
$766,113
Hawaii County-Kona
3,155
9.6%
$413,666
Maui County-Southside
3,120
9.5%
$905,422
3,007
9.2%
$1,048,597
Hawaii County-Puna
2,593
7.9%
$142,884
Honolulu County-Leeward
2,160
6.6%
$496,469
Honolulu County-Windward
1,325
4.0%
$865,460
1,286
3.9%
$606,575
Honolulu County-Central
1,087
3.3%
$422,022
Page | 10
Mainlander,
23.5%
SINGAPORE 2.9%
JAPAN
37.9%
Local
residents,
72.5%
AUSTRALIA 2.3%
HONG KONG 2.2%
CANADA
44.1%
CHINA 2.0%
KOREA 1.7%
OTHERS 7.0%
Among seven countries where more than ten homes were sold
per year on average, the average sale price was lowest among
buyers from Canada at $721,297, 17% lower than the average
sale price that buyers from Japan paid. On the other hand,
buyers from Hong Kong paid the highest average sale price at
$1.05 million, with China coming next at $936,738.
Figure 11 shows the annual trend of home sales to foreign buyers by country of buyers
residence. Home purchases in Hawaii by buyers from Canada was very active between 2010 and
2012 when the exchange rate was favorable to them and the Hawaii housing market was in a
slump. Interestingly, however, home purchases by buyers from Japan in Hawaii didnt seem to
be influenced as much by exchange rate or housing market in Hawaii.
Page | 11
Figure 11. Number of sales and average sale price by buyers country of residence
(Jan. 2008-Sep. 2015)
Avg. Price
3,000
$1,200
2,500
$1,000
2,000
$800
1,500
$600
1,000
$400
500
$200
Thousands
No of Sales
Number of Sales
$0
0
CANADA
JAPAN
SINGAPORE AUSTRALIA
HONG
KONG
CHINA
KOREA
Figure 12. Annual trends of home sales to foreign buyers by buyers country of residence
Number of home sales
500
450
400
CANADA
350
JAPAN
300
SINGAPORE
250
200
AUSTRALIA
150
HONG KONG
100
CHINA
50
KOREA
0
2008
Page | 12
2009
2010
2011
2012
2013
2014
Kauai
County,
3.0%
Maui
County,
26.0%
Honolulu
County,
55.3%
Hawaii
County,
15.7%
Buyers from Singapore also preferred neighbor islands. About 60% of properties purchased by
buyers from Singapore were in the Kohala Coast area in Hawaii County. In contrast, purchases
by buyers from Japan, China, and Korea were highly concentrated in Honolulu County. The
share of Honolulu County in the sales to buyers from Japan was high at 88.1% while its share in
the sales to buyers from China and Korea were even higher at 91.1% and 96.8% respectively.
Table 4. Home sales to foreign buyers by county and by buyers country of residence
(Jan. 2008 Sep. 2015)
Home
country
Canada
Japan
Singapore
Australia
Hong Kong
China
Korea
Page | 13
Variable
Statewide
Location of property
Honolulu
Hawaii
County
County
22.6%
18.7%
$470,213
$648,501
88.1%
9.9%
Maui
County
53.5%
$868,162
1.6%
Kauai
County
5.1%
$560,444
0.4%
No of sales
Avg. value
No of sales
2,497 (100%)
$721,297
2,144 (100%)
Avg. value
No of sales
Avg. value
No of sales
Avg. value
No of sales
Avg. value
No of sales
$840,344
164 (100%)
$737,015
129 (100%)
$832,429
126 (100%)
$1,047,457
112 (100%)
$865,329
33.5%
$1,800,572
62.0%
$942,348
79.4%
$1,019,246
91.1%
$602,853
60.4%
$59,263
16.3%
$1,004,613
12.7%
$824,750
5.4%
$968,467
4.9%
$1,755,867
16.3%
$320,488
5.6%
$2,226,216
0.9%
$673,663
1.2%
$962,500
5.4%
$595,486
2.4%
$425,173
2.7%
Avg. value
No of sales
Avg. value
$936,738
95 (100%)
$882,894
$971,960
96.8%
$903,826
$546,629
2.1%
$11,500
$550,000
1.1%
$700,000
$648,333
0%
-