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Oahu's skyrocketing home prices have finally spread to all ends of the island with a record $2.1 million sale in Maili that could put additional pressure on buyers.
The jaw-dropping transaction on the Leeward side, which shows that demand for oceanfront property in Hawaii is so strong that buyers are willing to go outside their comfort area to own a piece of paradise, has Realtors and buyers buzzing about the impact on the market, said Stephany Sofos, a real estate analyst.
"It's going to put more pressure on local buyers," Sofos said. "It's getting very expensive for people to live here."
The sale of the seven-bedroom home located on nearly a half-acre property in the Maili Beach neighborhood is expected to create further price jumps throughout the islands, she said.
"When prices in our most desirable markets go up, buyers turn to the secondary and ancillary markets, which causes prices to rise across the board," Sofos said. The previous record for an oceanfront property in the Waianae area was $1.7 million, she said.
If prices continue rising, it could be a scary ride for Hawaii homebuyers who are seeing values catching up with the most expensive markets in the United States, according to the latest home price comparison indexes.
A price index from the National Association of Realtors shows that Honolulu, with the fourth-highest median price in the nation, has been gaining ground on the top three cities since 2004, said Harvey Shapiro, research economist for the Honolulu Board of Realtors.
During the second quarter, home prices in the top-ranked real estate markets -- San Francisco, Orange County, Calif., and San Diego, respectively -- did not rise as much as they did in the Honolulu market, Shapiro said.
"Honolulu had a larger rate of gain than the other cities," Shapiro said. "It very nearly caught up with San Diego, Calif."
If Hawaii's economy continues to thrive, Shapiro said he expects the state could bump the other cities out of their top spots.
"My personal feeling is that of all the cities in the United States, Honolulu should have the highest price," Shapiro said. "It will be interesting to see what happens in the third quarter."
Whether rising home prices are good or bad for Hawaii residents is relative, Shapiro said.
"It means if you already own a home, you are cheering, and if not, you are that much further behind the curve," he said.
While the sharp rise in Hawaii's home prices seems steep to some, another home price index provides some perspective.
Buyers in Kihei, Maui, spent an average $745,454 for a four-bedroom single-family home, while homebuyers in La Jolla, Calif., spent approximately $1.8 million, according to Coldwell Banker's Home Price Comparison Index, which was released last month.
The index reinforces the notion that Hawaii's real estate market remains strong, said Chason Ishii, executive vice president of sales for Coldwell Banker Pacific Properties.
"In Hawaii, we have the smallest variance in sales price, which is a good indicator of our consistent market," Ishii said.
While home prices in California showed the greatest variance of any state, Hawaii's home prices, which were consistently high, showed the least change between markets. There was only a $7,829 difference between the $745,454 average home price in Kihei, the state's most expensive market, and the average home price in Honolulu, $737,625.
The cumulative average sales price paid for a comparable home in the 319 U.S. markets surveyed by Coldwell Banker was $401,767, 13.3 percent from the previous year's average price.
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