For full-service real estate brokerage firm Hawai’i Life, 2020 was a record year in luxury real estate sales, a press release from Hawai’i Life reported.
In its 2020 Hawai’i Luxury Market Report, the firm, which is Hawai’i’s only statewide, locally owned and operated brokerage, stated that Hawai’i’s luxury property sales increased by over 26% in volume, according to the release. The company defines luxury sales as those of $3 million or more.
From 2019 to 2020, the company’s total real estate sales including those below $3 million went from $1.6 billion to $2.17 billion.
“This past year has certainly highlighted the incredible value we place on our homes, community and sense of place – both intangibly and in very real numbers,” said Matthew Beall, Hawai’i Life CEO and principal broker, as seen in the release. “I’m proud of our team’s ability to quickly adapt to the rapidly changing marketplace and evolving consumer demands.”
The firm laid out last year’s sales showing the first quarter was promising, followed by a sluggish second quarter as COVID-19’s grip tightened, then a third quarter surge followed by the fourth quarter bringing in 43% of the year’s sales at a total of nearly $844 million.
Hawai’i Life represents only 15% of the state’s total luxury market activity.
Kaua’i and Hawai’i Island were last year’s luxury sales dollar volume winners.
With 38 sales above $3 million, Kaua’i reached $273.3 million in total sales. A North Shore estate in Hanalei, listed and sold by Hawai’i Life, made Kaua’i’s highest sale last year at $36.75 million.
The Big Island recorded 107 sales above $3 million reaching a total of approximately $586 million. A $37 million estate in Kuki’o snagged the top spot as the island’s highest sale.
Oahu and Maui’s luxury real estate sales actually dropped by dollar volume last year, but sales were still impressive nonetheless.
With 128 sales above $3 million, O’ahu’s total reached approximately $621.8 million. An oceanfront estate in Kailua brought in the highest sale at $18.7 million.
Ninety properties above $3 million were sold on Maui for a total of $478.6 million. That island’s highest sale was also listed by Hawai’i Life and went for $24 million in Kapalua.
For the most part, 2021 will likely follow the same sales fever pitch as 2020, the release stated. In 2021, Hawai’i Life expects the luxury condominium sector to burgeon thanks to a shortage of single family homes. The only problem the market may face is a diminishing supply of quality luxury homes.
