Hawaii Life’s Luxury Market Report reports record-breaking real estate with an average of 16 luxury homes sold per week for 39 consecutive weeks.
In the first three quarters of 2021, the volume of luxury real estate transactions in Hawaii reached a record $3.698 billion. The ultra-luxury market (homes priced above $10 million) also experienced the most astounding growth.
These historic highs are due to demand driven by the coronavirus pandemic, record low interest rates and rising stock markets.
In the first three quarters of this year, homes valued at $3 million or more saw a 235 percent increase in sales volume over the same period in 2020, reaching $3.7 billion, according to Hawaii Life’s Luxury Market Report. “This has been like a rocket ship,” said Matt Beall, CEO of Hawaii Life Real Estate. “Strictly referring to the data, it’s just an incredible, incredible event for the market.”
These record sales come at a time when most foreign buyers have been unable to travel to Hawaii and participate in this wave of purchases due to travel restrictions. Hawaii Life real estate is also having a record year, with more than $3 billion in sales in the first three quarters of 2021. Luxury home sales accounted for $1.38 billion of total sales volume.
Of the state’s eight major islands, the largest portion of ultra-luxury sales growth came from the Big Island, which saw a 1,582 percent change in sales volume from 2020. In the first three quarters, the Big Island accounted for $393 million in sales volume, or 37 percent of the state’s total in the ultra-luxury category. This gain was followed by Maui, which saw a 644% increase in sales volume, and Kauai, which saw a 640% increase.
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