TUCSON — The sales boom in Honolulu has made the capital a major player in the Hawaii luxury housing market, a new report from the Honolulu real estate firm Trulia says.
The real estate giant’s research found that the Honolulu metropolitan area sold 531 luxury homes last year, up nearly 5% from the same time last year.
The increase was due to the rise of luxury homes in Waikiki and downtown Honolulu, Trulia said.
A total of 561 luxury properties sold in Honolulu during the second quarter, up 7% from 637 during the same period last year.
Homes in Honolulu are still in the early stages of the boom, Truba said. “
As a state, we’re very interested in making sure we get this industry in a safe and healthy way and make sure we do it in a sustainable way, so we can continue to grow this market.”
Homes in Honolulu are still in the early stages of the boom, Truba said.
Trulia does not have a complete picture of the market, but it believes that the pace of luxury sales is slowing down as people continue to wait for the long-delayed housing tax break.
Truba also said that sales of luxury properties in Honolulu will likely rise again this year, which should bring even more demand for those homes.
The biggest reason why the Honolulu luxury market is so strong is that most people don’t know they can get into the market for a home without actually buying it, Trumas CEO, Matt Fisch, said.
There are a lot of people out there that have never been in the market and they’re seeing this opportunity.
“The boom in homes in Honolulu is also due to two factors, Fisch said.
One is the increase in demand from people moving to the city, and the other is the influx of international tourists.
The number of international visitors in Hawaii is expected to hit 20 million this year.
Trucks heading to Honolulu, Honolulu’s main city, are already a main source of new homes in the region, Fsch said.
The numbers of people traveling to Honolulu to live in luxury hotels and other properties is expected in the tens of thousands in coming years, Trumbo said.”
Houses are still very popular here in Hawaii.
But there are going to be a lot more people going into Honolulu in the next two to three years,” Trumbo added.
