Surf, sand, sun – and about 16 luxury homes sold each week for 39 consecutive weeks.
Aloha, Hawaii, where the high-end real estate market has never been hotter. More than 600 homes sold for $3 million or more in the first three quarters of 2021, double the previous record set in 2017, according to a Hawaii Life Real Estate report cited by CNBC. Some $3.7 billion worth of luxury homes have been sold, double the record from four years ago.
“The volume and speed of Hawaii’s real estate market has shattered all historical records and standards previously held,” said Hawaii Life CEO Matt Beall, who has been selling property in the state for 23 years. Buyers make offers without seeing them, looking for a two-week close in which they arrive on day 12, meet with home inspectors, and then “move in on day 14,” he said.
Sellers are benefiting from pent-up demand post-pandemic, low mortgage rates and a buoyant stock market, the same factors driving luxury sales elsewhere in the country, where sales and prices have soared amid the virus was starting to retreat. However, the market has started to cool off in recent months and demand is likely to fall further next year as rates rise and stocks catch up with demand which some analysts say is not as strong as expected. it seems.
In Hawaii, where prices have jumped about 12.4% this year, some 64 deals above $10 million have been signed this year. They included the second most expensive sale in state history – the $45 million sale of a Maui mansion to retired financial backer Adam Weiss and his wife, actress Barret Swatek.
[CNBC] —Dennis Lynch