The Number That Tells the Story

What Happened

2013 was the year the market stopped recovering and started running. Single-family sales reached 980 units, up 12% from 2012. Condominium sales surged an extraordinary 30% to 1,334 units—the highest condo volume since before the crash. Land transactions climbed 27% to 218 lots. Every category was firing, and the energy in the market was palpable.

Prices followed volume upward. The residential median climbed 11% to $530,000, while the average jumped 15% to $829,447. Condo medians rose 9% to $374,500 with averages up 11% to $581,166. Land medians increased 7% to $399,500. Total dollar volume for residential reached $812.9 million (+30%), while condos hit $775.5 million (+43%). These weren't incremental gains—this was acceleration.

The distressed market continued its fade. REO and short sales dropped to 18.8% of residential transactions, 9.9% for condos, and 9.4% for land. Just two years earlier, distressed sales had dominated at nearly 50%. The normalization was remarkable in its speed. Regular sellers and traditional transactions were reclaiming the market.

Inventory remained tight at 693 homes, 884 condos, and 410 lots. Days on market held relatively steady: 114 for homes, 124 for condos, 235 for land. The absorption rate told the real story—months of supply were tightening as demand outpaced new listings.

Wailea & Mākena

The luxury market posted exceptional gains. Single-family transactions reached 27 units with a median of $2,750,000 and average prices climbing to $3.77 million. Condo sales surged to 123 units—up significantly from prior years—with a median of $1,110,000 and averages reaching $1.56 million. Wailea/Mākena had been slower to recover than the broader market, but 2013 marked the turning point. Wailea/Mākena buyers who had been cautious in earlier years were now actively competing for available properties.

What It Meant for Buyers

The window that had been open since 2009 was closing quickly. Buyers who had hesitated watched prices climb month after month. Multiple-offer situations returned on well-priced properties. Cash remained king, but financed buyers were finding their footing as lenders loosened standards slightly. The advice from RAM was clear: "Get qualified, be prepared, and act decisively." The bargain-hunting phase was definitively over.

What It Meant for Sellers

Sellers finally had leverage again. Properties priced correctly attracted strong interest and often multiple offers. Days on market were reasonable, and the stigma of selling in a down market had evaporated. Short sale and REO competition was diminishing rapidly. For sellers who had been underwater or waiting for recovery, 2013 offered the exit they had been hoping for.

December Snapshot

• Single-family: 84 sales · median $508,000 · 114 days on market
• Condominiums: 142 sales · median $376,000 · 148 days on market
• Land: 29 sales · median $340,000 · 339 days on market

Jolanta's Reflection

2013 was the year I stopped having conversations about whether to buy and started having conversations about how quickly clients could act. The energy shift was dramatic—from hesitation to urgency, from negotiating power to competition. My buyers who moved decisively that year locked in values that would appreciate 30-40% over the following years. Those who waited faced a very different market.