The Number That Tells the Story

What Happened

The 2014 market consolidated the gains of the recovery while revealing a fundamental shift in buyer composition. Single-family sales dipped 4% to 943 units, while condo transactions eased 10% to 1,199 units. Land sales fell 23% to 167 lots. After the surge of 2013, the market took a breath—but prices continued their upward march.

The residential median climbed 8% to $570,000, with average prices reaching $872,238 (+5%). Condo medians rose 11% to $415,000, averaging $628,668 (+8%). Land showed the strongest median gain: $525,000 (+31%), though with lower volume. Total dollar volume reached $822.5 million for residential, $753.8 million for condos, and $120.2 million for land.

The defining characteristic of 2014 was cash dominance. A remarkable 42% of all transactions across property types closed with cash—no financing contingencies, no appraisal hurdles, fast closings. This wasn't typical first-time homebuyer activity; this was investor capital and second-home buyers with liquidity. RAM's consistent message: "Cash is King when making an offer."

Distressed sales continued their decline: 12.9% residential, 7.9% condo, just 2.4% land. The foreclosure crisis was effectively over, though its echoes still influenced pricing expectations. Year-end inventory stood at 672 homes, 977 condos, and 393 lots.

Wailea & Mākena

The luxury market maintained strong activity. Single-family sales reached 32 units with a median of $1,892,250 and average prices of $3.09 million. Condo transactions dipped slightly to 92 units but with a median of $1,021,250 and averages at $1.45 million. Land recorded 7 sales with a $1,550,000 median. The resort corridor was attracting steady luxury demand, with cash buyers particularly prevalent in the high-end segment.

What It Meant for Buyers

Cash was the competitive advantage that defined offers. Financed buyers increasingly found themselves outbid or outmaneuvered by cash competitors who could close faster and with fewer contingencies. For those with access to liquidity—through retirement funds, 1031 exchanges, or investment portfolios—the market offered opportunity. For traditional financed buyers, especially first-timers, competition was fierce. Pre-approval wasn't enough; strong earnest money and flexible terms helped level the playing field.

What It Meant for Sellers

Sellers experienced the strongest conditions since before the 2008 downturn. Cash offers meant cleaner transactions, fewer fall-throughs, and faster closings. Well-priced properties attracted multiple offers, and sellers could often choose between competing bids based on terms rather than just price. Days on market averaged 103 for homes, 119 for condos—reasonable timeframes for realistic pricing. The advice remained consistent: price right, present well, and let the market respond.

December Snapshot

• Single-family: 63 sales · median $565,000 · 103 days on market
• Condominiums: 122 sales · median $387,500 · 119 days on market
• Land: 12 sales · median $650,000 · 137 days on market

Jolanta's Reflection

The cash buyer phenomenon changed how I prepared clients for offers. It wasn't enough to have financing in order—you needed to present the cleanest, most competitive package possible. I advised my financed buyers to write personal letters, shorten contingency periods, and demonstrate commitment. Some won; some lost to all-cash competitors. It was a lesson in market dynamics that would continue to intensify in subsequent years.