Hawaii’s Luxury Real Estate Market Reports Record Sales

For the first three quarters of 2021, Hawaii’s luxury market hit a record breaking deal volume of $3.698 billion with an average of 16 luxury homes sold per week for 39 weeks straight, according to CNBC. The ultra-luxury market, which includes homes priced above $10 million, also reported strong growth fueled by high demand and low interest rates during the pandemic.

Many high-end transactions are closing quickly with all-cash offers, some from buyers who have never even stepped foot onto their new properties. Luxury home sales in 2021 are shattering all previous records, and strong sales growth is expected to continue in the year to come.

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.”

Beall, who’s been selling real estate in Hawaii since 1998, said he’s never seen a faster moving market, as the vast majority of the high-end transactions his firm has brokered are being purchased in all-cash deals.

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