Recently, Hawaii Life released two market reports revealing subtle but significant shifts in the state’s luxury real estate landscape — including the Big Island. At first glance, it might seem that Hawaii’s high-end market is cooling. But look closer, and a more nuanced story emerges: this isn’t a downturn, it’s a recalibration.

Last month, Hawai'i Life released its Q4/End of Year 2024 Market Report, and as I analyzed the numbers, one thing became clear: the best...