Properties range from budget-priced homes of US$250,000 to exclusive oceanfront estates worth many millions of dollars.

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In the capital Honolulu, on the island of Oahu, prices rose moderately in July, setting records for single-family homes (median US$835,000) and condominiums (US$461,500) according to Honolulu Board of Realtors. But Jenny Brady, the organisation’s president, says this should not be taken as a bellwether for the rest of the state.

“The markets are vastly different from island to island and within each region of each island,” she said.

Most properties being sold in Honolulu are on the market for less than 30 days and “there is still a need for inventory to meet the housing demand across all price ranges,” Brady said. She added that the Oahu housing market “is attractive to foreign and US buyers because of the beauty of the islands, stability of the government, safe environment, and multicultural community”.

Indeed, such is this state’s appeal that two Hawaiian locations rank in the top five “power markets” in Coldwell Banker Real Estate LLC's State of Luxury Real Estate 2019 report. Defined as locations where the wealthiest and most powerful players tend to own property, “power markets” offer a range of lifestyle opportunities, cultural experiences and educational choices. Other key indicators of “power” status include airport accessibility, ease of doing business, a prestige brand presence, and a housing stock that prioritises privacy, views, and exclusivity.

Top-ranking Maui, the second largest of Hawaii’s five major islands, attracts sports enthusiasts from around the world to play on its wide sandy beaches, pristine blue waters, and dozens of golf courses and tennis clubs.

These attributes “make Maui a very desirable destination for holiday homebuyers from California and the west coast of the US, as well as from Canada, Japan, and Europe,” says Volker Weiss of Coldwell Banker Island Properties in Wailea.

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“Location is everything, with proximity to water and views of highest importance for high-end properties.” Following a furious appreciation of home prices over the past six years that took property values back to levels not seen since before 2008, Weiss has observed signs of a moderate slowdown that is tipping the scale in favour of buyers.

“Maui is definitely becoming a buyer's market,” says Weiss. “People are way more cautious, more educated, and they wait a lot longer before making a purchase.”

In the top 10 per cent of the Maui condominium market, the median price per square foot in 2018 was down 8 per cent from 2017 to US$1,312. Among single-family homes, says Weiss, the price per square foot was down 22 per cent to US$700,

The island of Kauai occupies fourth spot in Coldwell Banker's list of “power markets”. In contrast to Maui, this market currently “tilts towards sellers”.

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Known as the “garden isle” because of its lush greenery, Kauai's natural beauty has made it a favourite holiday home location for the super-wealthy.

Homes in prime areas such as the North Shore and Hanalei Bay can exceed US$15 million. Conversely, the south side of the island has remained relatively undiscovered, but lately there’s been a spike in the US$5 million to US$10 million range, with several homes above US$10 million.

In 2018, says Charles, luxury single-family residence sales were up 53 per cent and the price per square foot increased by 29 per cent compared to 2017.

“The luxury market on Kauai is highly correlated to US markets on the west coast, like Orange County and San Francisco in California, as well as Seattle,” says Charles.

Although Chinese nationals have been among the biggest foreign buyers of US real estate in general, they haven’t been largely represented in Hawaii. Bruce McDonald, a Maui real estate broker who has been courting Asian buyers for years, thinks that might be about to change.

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“Hawaii is smack dab in the middle of China and the US, with direct flights from major cities such as Shanghai and Beijing,” says McDonald, of Coldwell Banker Island Properties, Wailea, Makena.

At the more affordable end, single-family homes in new subdivisions in areas such as Wailuku, Maui, can be bought for the low to mid US$700,000s.

BUYING GUIDE:

What you can buy for US$29,750,000:

An oceanfront home in prestigious Makena on the island of Maui. Architect-designed by Guy Dreier, 5050 Makena Road offers privacy and seclusion in almost 10,000 sq ft of living space, taking advantage of Maui's indoor/outdoor lifestyle. With five bedrooms, 5.5 baths, an enormous chef's kitchen and a gathering area around the bar, this home is ideal for entertaining.

What you can buy from US$674,000:

A single-family home of three bedrooms plus study and 2.5 baths in new subdivision The Highlands at Kehalani, on the slopes of the West Maui mountains. The newly completed two-storey home includes a double garage and is close to local shops. Many new properties in this neighbourhood are priced in the US$700,000 range.

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