Janis Magin Meierdiercks

Here’s how you can make it happen on O‘ahu, even without a big loan from your family.

The only short-term rentals still legal got their permits before 1990 or are in the resort areas of Waikīkī, Ko Olina or Turtle Bay.

As on Maui, mainland buyers of local homes had a bigger impact on both islands than they did on O‘ahu. Meanwhile, the number of transactions is declining statewide and prices continue to rise.

They bought more than a third of all homes sold on Maui last year and accounted for almost half of the money spent.

Three-quarters of all single-family homes and condos sold last year were purchased by local residents, but that proportion was down – as was the proportion of dollars spent.

Realtors say that’s a normal part of the real estate cycle: Condo sales usually increase when fewer single-family homes are for sale.

The analysis of 2020 census data determined that 76,622 homes were vacant in the Islands.

Though mortgage rates remain low by historical standards, every tiny increase means that families qualify for smaller and smaller loans.

These homes priced under $1 million are getting harder to find: Only six of the island's 21 regions have a median price below that threshold. And prices are soaring even in those "bargain" neighborhoods.

A national report says Hawai‘i is the ninth-largest market for $10 million-and-plus homes. LA, Manhattan and Palm Beach are 1, 2 and 3.

The demand is strong, Realtors say, but there are few homes for sale at the highest end of the local market. Demand will likely increase when international buyers return.

The statewide association is backing a series of bills that seek to reduce impediments to affordable housing projects.

Homeowners fume as O‘ahu’s rising real estate prices translate into double-digit increases in property assessments.

This is the first of weekly Hawai‘i real estate reports from Janis Magin Meierdiercks, who covered the industry for 15 years at Pacific Business News. If you have tips or ideas for stories, email her at HawaiiRENews@gmail.com.