“This isn’t about urgency. It’s about alignment between opportunity, intention, and timing.”
— Matt Beall, Hawai’i Life CEO in HL1 Magazine
Hawai‘i’s luxury market is recalibrating. Inventory has climbed, particularly at the ultra-luxury level. Volume has slowed. But what’s emerging isn’t a distressed market. It’s one marked by timing, transition, and a different kind of clarity.
Unlike previous cycles, this shakeout is not driven by financial pressure. The majority of movement we’re seeing is personal—driven by life stages, shifting priorities, or a return to roots beyond Hawai‘i. For buyers, the result is more optionality. For sellers, it’s a reminder that pricing and positioning matter.
Across the islands, we’re seeing the return of something quieter: properties surfacing that haven’t been available in years, and a pace that rewards preparation over speed. This isn’t about urgency.
The following pages offer a look at how this is playing out in the $3M+ market across O‘ahu, Maui, Hawai‘i Island, and Kaua‘i. For a broader look at the cultural and economic forces shaping these shifts, turn to the upcoming Issue 9 of HL1 Magazine.
This report reflects the collective insight of Hawai‘i Life and the HL1 network
Photo: Limahuli Ocean Estate, Haena, Kaua‘i (see pg. 62)
KEY THEMES from THE FIELD
A Market Shaped by Timing, Not Panic
Across the islands, we’re seeing movement—some of it quiet, some of it significant. Rare properties are trading, not because of fear, but because the moment is right. Buyers who recognize that are acting. Sellers who understand it are adjusting.
Price vs. Product Disconnect
Much of the new inventory entering the market is aspirationally priced and architecturally dated. Buyers are responding accordingly. New construction and fully updated homes are commanding the most attention—and the strongest offers.
Taste Has Shifted
Buyers—especially those from outside the state—are less interested in “project homes” and more focused on turnkey design. High-quality, move-in-ready properties with newer finishes are winning out over dated estates with renovation risk.
Off-Market Remains Active
Private listings have become a persistent feature of the luxury landscape. For some sellers, discretion is the priority. For buyers, it means knowing where to look beyond what’s published.
Auctions Are Quietly Gaining Ground
In a high-inventory environment, some sellers are turning to auction as a tool—not out of desperation, but to create structure, generate urgency, and clarify value. It’s more strategy than signal.
Across the Islands
Opportunity abounds for those who understand where to look.
Estates are changing hands, some for the first time in history, and the moment is now.
O‘ahu's Luxury Market: A Deeper Look
O‘ahu
Residential 3m+ Luxury Market Overview
Momentum holds in O‘ahu’s luxury market as inventory and sales rise.
O‘ahu’s market shows a growing gap between inventory and what today’s buyers are seeking. Newer construction is limited, and international interest, particularly from Japan, remains soft. Meanwhile, ultra-luxury condominium supply is increasing with several new developments. The best-positioned homes still move, but buyers are selective and the market is more sensitive to price and quality. With more listings available, buyers are assessing value and lifestyle alignment. Sellers who meet the market on price and presentation are more likely to see meaningful engagement.
$3.9M
Median Sold Price
-14% from $4.5M in ‘24 (YoY)
-12% from $4.4M in ‘15 (10YR)
75 Avg Days On Market
+25% from 60 in ‘24 (YoY)
-31% from 109 in ‘15 (10YR)
$1,487
Avg Sold Price/SF
-2% from 1,515 in ‘24 (YoY)
+50% from $994 in ‘15 (10YR)
127 Current Inventory
+10% from 115 in ‘24 (YoY)
-15% from 150 in ‘15 (10YR)
74
Sold Listings
+45% from 51 in ‘24 (YoY)
+139% from 31 in ‘15 (10YR)
10.6
Months of Inventory
-22% from 13.5 in ‘24 (YoY)
-64% from 29 in ‘15 (10YR)
Year-to-date high-end sales on O‘ahu are outpacing 2024 in both number of sales (+45%) and total dollar value (+25%) for a total of $610 million.
Pupukea
Kahuku
Haleiwa Waialua Waianae
Ewa
Honolulu Diamond Head
Kailua
Hawai‘i Kai Waimanalo
Kaneohe Bay Lanikai
Kapolei
Kahala
Mililani
O‘ahu’s Luxury Market at a Glance
O‘ahu inventory saw a lift this year, and continued buyer interest in new and updated homes. The overall market is paced as homebuyers became more selective and sellers adjusted expectations.
O‘ahu Luxury Residential $3M+ (2024 + 2025 YTD)
O‘ahu Luxury Residential $3M+ (2024 + 2025 YTD)
You can see the listing line rise as closings vary, widening the visual gap in certain months.
Visually inventory drops then rises gradually while the sales line remains somewhat steady.
Luxury Condo $3M+ (10 Year History)
The condo charts show concentrated activity, with fluctuations across the year.
O‘ahu’s Ultra Luxury Market at a Glance
O‘ahu’s ultra luxury market seems to be steadying, with days on market increasing as buyers take a breath. This year saw a record breaking trade in terms of sold price, corepresented by Noël Shaw R(S), Hawai’i Life.
View how the new to market and sales lines move in tandem this year, suggesting buyers are pricing right for the market.
You can see the sales line is steady across the graph even as inventory levels change.
The condo charts show concentrated activity, with fluctuations across the year.
O‘AHU NOTABLE LISTINGS
4823 Kahala Avenue
Kahala, O‘ahu
At $65 million, this modernist oceanfront estate was one of Hawai‘i’s most significant active listings, positioned on a double lot along O‘ahu’s most exclusive stretch of coastline.
Sold for $65.75M Noël Shaw, R(S)
O‘AHU NOTABLE LISTINGS
Park Lane #7601
Ala Moana, O‘ahu
Park Lane #7601 is a rare opportunity to own a high-floor, front-facing Ocean Residence in one of Honolulu’s most prestigious developments. This 3-bedroom, 3.5-bathroom turnkey home is flooded with natural light and offers vast and uninterrupted views of the Pacific Ocean and Ala Moana Beach Park.
Offered at $8.89M Noël Shaw, R(S)
O‘AHU NOTABLE
LISTINGS
Kaimana Hila
Hawai‘i Loa Ridge, O‘ahu
Kaimana Hila is an exceptional residence in Honolulu’s prestigious Hawai‘i Loa Ridge, showcasing panoramic scenes of O‘ahu’s lush landscape from every area on the property.
Offered at $18.8M
Erick Hinshaw, R(B) Noël Shaw, R(S)
O‘AHU NOTABLE
LISTINGS
4767 Kahala
Avenue #D
Kahala, O‘ahu
Discover a rare and extraordinary offering—over 45,000 square feet of prime buildable land along prestigious Kahala Avenue. This expansive oceanfront property, comprised of 2 parcels, boasts 126 linear feet of direct beachfront access, inviting you to experience breathtaking, sunsets, and over a mile of direct serene sandy shoreline.
Offered at $19.8M
Cedric Choi, R(B) Julianna Garris, R(B)
O‘AHU NOTABLE
LISTINGS
Ho‘oluana Estate
Diamond Head, O‘ahu
One of Honolulu’s last remaining legacy estate-sized properties. The estate features an expansive residence and several open lots, offering sweeping ocean views, private/deeded beachfront access, and exceptional flexibility for development or preservation.
Offered at $55M Noël Shaw, R(S)
Maui's Luxury Market: A Deeper Look
Maui
Residential 3m+ Luxury Market Overview
Maui’s $3M+ market shows steady pricing and buyer interest amid a shift toward selectivity.
This year Maui’s $3M+ luxury market saw fewer listings, except for the top end where inventory rose slightly. Overall, movement slowed as the market appeared to be catching its breath. It seems buyers are letting their foot off the gas pedal with more to consider. When you know where to look, patience pays off.
$5.5M
Median Sold Price
+18% from $4.7M in ‘24 (YoY)
+59% from $3.5M in ‘15 (10YR)
105 Avg Days On Market
+7% from 98 in ‘24 (YoY)
-35% from 161 in ‘15 (10YR)
$1,613
Avg Sold Price/SF
-10% from 1,789 in ‘24 (YoY) +12% from $1,447 in ‘15 (10YR)
118 Current Inventory
-7% from 127 in ‘24 (YoY) +28% from 92 in ‘15 (10YR)
37 Sold Listings
-10% from 41 in ‘24 (YoY)
+76% from 21 in ‘15 (10YR)
19.1 Months of Inventory
+3% from 18.6 in ‘24 (YoY) -27% from 26.3 in ‘15 (10YR)
Kapalua
Wailea Makena
Lahaina
Ka‘anapali NapiliHonokowai
Hana
Kula
Kihei
Maui’s Luxury Market at a Glance
Maui’s residential luxury market shows a continued appetite with minimal slowdown. Well positioned properties are trading when priced correctly for the market.
Luxury Residential $3M+ (2024 + 2025 YTD)
Luxury Residential $3M+ (2024 + 2025 YTD)
Beginning of year inventory climbs sharply, then levels off as closings maintain a consistent line.
Luxury Residential $3M+ (10 Year History)
We see a gradual separation as the inventory line rises and the sales line levels off, signaling a settling in the market.
$3M+ (2024 + 2025 YTD)
You can see the slope shift from early momentum to a slower, more measured cadence.
$3M+ (10 Year History)
Maui’s Ultra Luxury Market at a Glance
We’re seeing the same level of trading as a year ago, with a small rise in inventory. Days on market are higher than the luxury market at large.
MAUI NOTABLE LISTINGS
Casa En Maui
Keawakapu Beach, Maui
This Legorreta-designed beachfront estate, owned by actress Barret Swatek, was sold via Concierge Auctions for $28.56M—Maui’s top residential sale of 2025 (YTD). It became a defining media moment across architecture, celebrity, and market timing.
Sold at Auction for $28.56M Josh Jerman, R(B) Matt Beall, R(B)
Featured in The Wall Street Journal, People, Forbes, Yahoo! Life, Realtor.com, Mansion Global, New York Post, FOX Business, & more.
MAUI NOTABLE LISTINGS
Makena Place 8
Makena, Maui
Located in the private, gated community of Makena Place, property #8 is one of just 10 oceanfront residences in the exclusive community on Maui’s stunning south shore. The newly remodeled estate enjoys a prime location just steps from a private beach.
Offered at $19.9M
Leslie Mackenzie Smith, R(S)
Featured in Sacramento Bee & MSN
MAUI NOTABLE LISTINGS
3254 S. Kihei Road
Kihei, Maui
Experience the pinnacle of oceanfront luxury in this estate. This over a half-acre property is located within the ideal stretch of Keawakapu Beach, offering unparalleled access to Maui’s most coveted shoreline.
Offered at $27M
Dave Richardson, R(B)
Josh Jerman, R(B) Featured in Daily Mail & Ocean Home
MAUI NOTABLE LISTINGS
29 Kolonahe Place
Upcountry, Maui
Envisioned by Ron Radziner and built by Maui's acclaimed builder John Cahill, this residence is a harmonious blend of modernist design and environmental consciousness. The estate showcases a commitment to creativity and sustainable living, setting a new benchmark in architectural excellence.
Offered at $8.8M Josh Jerman, R(B) Matt Beall, R(B)
Featured in AD PRO & The Week Magazine
MAUI NOTABLE LISTINGS
3002 S. Kihei Road
Kihei, Maui
Hawaiiana meets contemporary design with this exceptional estate on the pristine shores of Keawakapu Beach. Beyond the gated entrance lies a world of relaxation and rejuvenation, where quality adjoins an unrivaled location.
Offered at $15.5M
Josh Jerman, R(B)
Tim Stice, R(B)
MAUI NOTABLE LISTINGS
3878 Wailea Ekolu Place
Wailea, Maui
A distinguished residence in the exclusive Wailea Golf Estates, this 4-bedroom, 4-full-ensuitebathroom home also features 2 half-baths and is thoughtfully designed for indoor-outdoor living, offering both style and practicality. Pocket glass sliders fully open in the dining and living areas to the expansive lanai. The design captures 180-degree ocean views, providing a daily backdrop of stunning sunsets.
Offered at $11M
Brad MacArthur, R(B)
Tyler MacArthur, R(S)
MAUI NOTABLE LISTINGS
Hana Ranch
Hana, Maui
Hana Ranch is the largest offering on Maui and one of the few remaining private holdings of this size in Hawai‘i. Established as a working cattle ranch in 1944, it remains an iconic agricultural landholding encompassing approximately 3,547 fee simple acres across 37 separate parcels.
Offered at $75M
Matt Beall, R(B) Josh Jerman, R(B) Beth Thoma Robinson, R(B)
Featured in Robb Report, Mansion Global, Luxury Property News, Love Property, Realtor.com, Yahoo Finance UK & Ireland, MSN South Africa, MSN New Zealand, & more.
MAUI NOTABLE LISTINGS
5163 Lower Honoapi‘ilani Road
Lahaina, Maui
This home perched over the Pailolo Channel is being offered by the original owners who spared no expense on this perfect Maui retreat. With deliberate views of the islands of Molokai and Lanai bracketing year-round sunsets, you will be constantly amazed by Mother Nature's beauty.
Offered at $5.95M
Greg Burns, R(S)
Hawai‘i Island's Luxury Market: A Deeper Look
Hawai‘i Island
Residential 3m+ Luxury Market Overview
Hawai‘i Island’s $3M+ segment sees price growth amid measured pace.
Hawai‘i Island’s luxury market activity has softened from last year. In contrast, median sold price is higher, denoting the caliber of homes changing hands. The west side was by far the most active in the first half of the year, and this makes sense as buyers are valuing recent builds without renovation risk. In this quieter cycle, the luxury market is rewarding prepared sellers.
$6.8M
Median Sold Price
+26% from $5.4M in ‘24 (YoY)
+50% from $4.5M in ‘15 (10YR)
51 Avg Days On Market
-31% from 74 in ‘24 (YoY)
-78% from 234 in ‘15 (10YR)
$2,138
Avg Sold Price/SF
+10% from 1,941 in ‘24 (YoY)
+77% from $1,206 in ‘15 (10YR)
62 Current Inventory
+2% from 61 in ‘24 (YoY)
-9% from 68 in ‘15 (10YR)
34 Sold Listings
-40% from 57 in ‘24 (YoY)
+112.5% from 16 in ‘15 (10YR)
10.9 Months of Inventory
+70% from 6.4 in ‘24 (YoY)
-57% from 25.5 in ‘15 (10YR)
Year-to-date high-end sales on Hawai‘i Island are up in terms of both median sold price (+26%) and average price per square foot (+10%).
Sales by Property Type
Waimea
North Kohala South Kohala
Hilo
Pahoa
Miloli‘i
Captain Cook
KailuaKona
Hawai‘i Island’s The Luxury Market at a Glance
Hawai‘i Island’s luxury market moves to its own rhythm. While inventory fluctuated in the first half of the year, the underlying trend shows buyers are moving when they find the right opportunity.
Hawai‘i Island
(2024 + 2025 YTD)
Beginning of year inventory climbs sharply, then levels off as closings maintain a consistent line.
Y2ou can see the sharp drop in the inventory line followed by the steady upward trend. Both
Hawai‘i Island’s The Luxury Market at a Glance
This is a small segment of the market concentrated on the west side. A notable drop in days on market in the first half of the year underscores interest in the island’s ultra luxury inventory.
Hawai‘i Island Ultra Luxury Residential $10M+ (2024 + 2025) Hawai‘i
Hawai‘i Island Ultra Luxury Residential $10M+ (2024 + 2025 YTD)
A single bump in early sales stands out against an otherwise calm visual trend. The visual trend of inventory shows a sharp dropoff midway and a gradual increase as the market steadies.
Hawai‘i Island Ultra Luxury Residential $10M+ (10 Year History)
HAWAI‘I ISLAND NOTABLE LISTINGS
Lulahala Point Estate
Kohala Coast, Hawai‘i Island
Situated oceanfront at the end of a gated private road, Lulahala Point Estate acts as a secluded sanctuary. Spanning just over an acre with approximately 135 feet of coastline, the property evokes a distinct sense of peacefulness.
Offered at $21.9M Steve Hurwitz, R(B)
Featured in The Wall Street Journal, Yahoo! News, MSN & Mansion Global
HAWAI‘I ISLAND NOTABLE LISTINGS
Hōkūli‘a 116
Kona Coast, Hawai‘i Island
A truly remarkable residence along the golf course fairway within the exclusive community of Hōkūli‘a. This property spans 1.15 acres and offers breathtaking views of the ocean and coastline.
Offered at $9.6M
Leslie Oxley-Friedrich, R(S)
Zion Nicholson, R(S)
HAWAI‘I ISLAND NOTABLE LISTINGS
Hale Koa Kea
Kohla Coast, Hawaii Island
Hale Koa Kea is a singular architectural achievement, one of the most unique properties on the Kohala Coast.
Offered at $10.5M Jake Chancer, R(B)
Featured in Modern Luxury Hawaii
HAWAI‘I ISLAND NOTABLE LISTINGS
Hawai‘i Island Retreat
North Kohala, Hawai‘i Island
Hawai‘i Island Retreat is boutique eco-lodge set on dramatic oceanfront cliffs in North Kohala on Hawai‘i Island. Designed to honor and work with the land, this property has been on the leading edge of sustainable, culturally sensitive, wellnessoriented hospitality since its opening in 2008.
Offered at $19.95M
Beth Thoma Robinson, R(B) Matt Beall, R(B)
Featured in Pacific Business News
HAWAI‘I ISLAND NOTABLE LISTINGS
Kupaianaha Ranch
Hamakua Coast, Hawai‘i Island
800 acres on the Hamakua Coast only a short distance from Hilo town. Situated primarily within the historic ahupua‘a of Hakalau, the ranch includes 5 separate parcels, offering privacy and possibilities for a new owner to further develop its agricultural and residential potential.
Offered at $12M
Beth Thoma Robinson, R(B) Renee Hill, R(B)
Featured in Robb Report
HAWAI‘I ISLAND NOTABLE LISTINGS
69-1077 Kolea
Kai Circle
Kohala Coast, Hawai‘i Island
Situated behind a Hawaiian Anchialine pond preserve, the property enjoys seclusion from the shoreline walking path while maintaining the breathtaking ambiance of an oceanfront home.
Offered at $12.995M Jake Chancer, R(B)
Kaua‘i's Luxury Market: A Deeper Look
Kaua‘i
Residential 3m+ Luxury Market Overview
Kaua‘i’s $3M+ market sees more inventory and steady interest from buyers.
On Kaua‘i, the visual story reflects a consistent listing presence and selective buyer movement, with the highest tiers showing the most notable slowdown. Days on market dipped in the luxury market and spiked at the top end. Sellers appear less hesitant to enter the market, presenting buyers with rare opportunities.
$4.1M
Median Sold Price
-13% from $4.7M in ‘24 (YoY)
-39% from $6.6M in ‘15 (10YR)
111 Avg Days On Market
-15% from 131 in ‘24 (YoY) +11% from 100 in ‘15 (10YR)
$1,692
Avg Sold Price/SF
-1% from 1,713 in ‘24 (YoY) -16% from $2,011 in ‘15 (10YR)
83 Current Inventory
+83% from 59 in ‘24 (YoY) +63% from 51 in ‘15 (10YR)
26 Sold Listings
-28% from 36 in ‘24 (YoY) +117% from 12 in ‘15 (10YR)
19.2 Months of Inventory
+95% from 9.8 in ‘24 (YoY) -25% from 25.5 in ‘15 (10YR)
Year-to-date high-end sales on Kaua‘i are up in terms of pending listings (+3%), and year-to-date days on market are down (-15%). $16.7M
Sales by Property Type
Sales by Price Range
Kekaha
Koloa
Kalaheo Lihue
Kaua‘i’s Luxury Market at a Glance
Kaua‘i’s luxury residential market is signaling a slowdown as inventory lifts and sold listings remain flat. A return to a calmer pace may require sellers to adjust expectations.
Kaua‘i Luxury Residential $3M+ (2024 + 2025 YTD)
Kaua‘i Luxury Residential $3M+ (2024 + 2025 YTD)
A gradual increase in inventory is visible, while the closings line remains flat and consistent. There's a small spike in new listings in an otherwise steady trend line.
Residential $3M+ (10 Year History)
(2024 +
Kaua‘i’s Ultra Luxury Market at a Glance
Inventory lifted, and sales remain steady. The island’s ultra luxury market is limited, and we should not mistake small fluctuations for larger market trends.
KAUA‘I NOTABLE LISTINGS
Limahuli Ocean Estate
Ha‘ena, Kaua‘i
Formerly owned by Julia Roberts, this oceanfront estate received widespread international coverage and became one of the year’s most recognized properties in Hawai‘i.
Offered at $29.5M Neal Norman, R(B)
Featured in Robb Report, House Beautiful, Yahoo! Life, MSN, Homes & Gardens, FOX Business, AOL, & more.
KAUA‘I NOTABLE LISTINGS
7312 Alealea Road
Ha‘ena, Kaua‘i
Positioned along the lush and dramatic coastline of Ha‘ena, Kaua‘i, this gated oceanfron estate delivers an extraordinary combination of privacy and understated luxury.
Offered at $7.7M Roni Marley, R(B)
KAUA‘I NOTABLE LISTINGS
Hale Aliomanu
Aliomanu Bay, Kaua‘i
A private oceanfront estate located on Aliomanu Bay on the Northeast side of Kauai. As you drive in the gate, you enter your own personal retreat of swaying palm trees, the soothing sound of the ocean, lush tropical landscaping and the tranquility of oceanfront living.
Offered at $9.8M Neal Norman, R(B)
KAUA‘I NOTABLE LISTINGS
2620 Kauapea
Kilauea, Kaua‘i
Sitting high up on a bluff’s edge with wide open views of the ocean and Bali Hai, 2620 Kauapea was designed to make the most of Kaua‘i’s stunning natural beauty. Floor-to-ceiling glass windows frame dramatic views where whales breach, dolphins play, and vibrant sunsets light up the horizon.
Sold for $11M Roni Marley, R(B)
Featured in Aloha Daily
KAUA‘I NOTABLE LISTINGS
Keala Ranch
Kilauea, Kaua‘i
Keala Ranch offers a rare chance to invest in 32 acres on Kaua‘i’s highly sought-after North Shore. This sprawling estate parcel features gently rolling terrain, a high degree of seclusion, and sweeping panoramic views that span from the Pacific Ocean to the island’s dramatic mountain ranges.
Offered at $4.895M
Amy Frazier, R(B)
KAUA‘I NOTABLE LISTINGS
3670 Anini Road
North Shore, Kaua‘i
Along the calm, reef-protected shoreline of Anini Beach, this captivating 1-acre estate offers a truly special oceanfront lifestyle on Kaua‘i’s coveted North Shore. With 315 feet of sandy beach frontage and sweeping ocean views, the property provides natural beauty, comfort, style, and privacy in an exceptional coastal setting.
Offered at $10.75M Lauren Pingree, R(S)
KAUA‘I NOTABLE LISTINGS
2727 Kauapea Road, #A
Kilauea, Kaua‘i
Coveted, prime location on Kauapea Road with ocean, sunset and mountain views. This estate is improved with a large 5-bedroom, 4.5-bath residence and a striking, custom in-ground swimming pool.
Sold for $6.8M Ben Welborn, R(B) Tiffany Spencer, R(S)
KAUA‘I NOTABLE LISTINGS
Ahonui Gardens
North Shore, Kaua‘i
Located on Kaua‘i's North Shore, is one of the largest and most versatile estate offerings in Hawai‘i. Spanning 50 acres, this estate comprises 2 lots, each with 5 units, totaling 10 units.
Situated at the end of a quiet community roadway, it offers exceptional privacy, natural beauty, and a prime location.
Offered at $30M Matt Beall, R(B)
LOOK CLOSELY, Opportunities ABOUND
The shift we’ve been anticipating has taken clearer shape - not a retreat, but a return to clarity. Inventory has risen across the islands, and sellers are adjusting to longer timelines and greater discernment from buyers. Price flexibility is increasing in many segments, especially where aspirational listings are meeting a more grounded market. Rather than a collapse, those of us at HL1 view this development as a correction, and one that was bound to occur sooner rather than later. The urgency of recent years has faded, replaced by paced movement and decisions fueled by consideration
over emotion. Some buyers are pausing. Others are acting, albeit selectively. The timing is still right, yet it’s a quiet signal that is easy to miss. Sellers who meet the market where it is are transacting. Buyers who come prepared are finding real opportunity. For those watching closely, this remains a compelling window, with the luxury of time. As Hawai‘i Life CEO Matt Beall recently wrote in HL1 Magazine , Issue 9, “Shifts are changing how the luxury and ultra-luxury markets are behaving, recalibrating old paradigms. And with shakeouts come golden opportunities.”
Photo: Lulahala Point Estate, Kohala Coast, Hawai‘i Island (see page 46)
