As noted by the Board of Realtor’s report, 2022 was a year of transition for Oahu real estate. Inflation, interest rate hikes, continued low inventory, and other factors drove year-end median prices above those of 2021, while sales and new listings declined.
In December, the luxury market saw a decrease in sales for both homes and condos. The number of home sales is still above what we used to see pre-pandemic, while the condo market continues to be variable. Notably, condos sold very quickly in December, the fastest they have sold since May 2022.
Single-Family Homes
There were 30 luxury home sales at or above $1.8M, a 40% decrease from December of 2021. This is, however, a notable increase from last month. The median price was $2,377,000, an 11.9% decrease compared to last December. Homes sold after an average of on 40 days on market. Price per square foot was $988.02. Homes sold for 96.1% of their asking price, on average, and 33% of them sold at or above asking price.
December 2022 vs 2021 for SFH $1.8M+
- #sold: 30 vs 50 in 2021 vs (40% decrease)
- Median price: $2,377,000 vs $2,700,000 in 2021 (11.9% decrease)
- DOM: 40 vs 33 in 2021 (7 days slower)
- Listing/sold ratio: 96.1% vs 101.5% in 2021
- % sold at or above asking: 33% at or above listing vs 66% in 2021
- Price per sq ft: $988.02 vs $1230.72 in 2021 (19.7% decrease)
Highest Sold Single-Family Home in December
Hawaii Loa Ridge, Diamond Head
6 bedrooms | 6.5 bathrooms | 7,643 square feet living | 29,292 sq ft land
Why this property is spectacular: Enjoy stunning Ocean, City, and Mountain view. Indoor/outdoor resort living at its best with multiple covered lanais overlooking the new saltwater heated infinity pool/spa. A separate 840 sq ft 1 bed/1ba guest quarter can be used as an office, private gym, nanny, or private guest quarters.
Sold at: $8,800,000 after 27 days on market to local buyers.
Picture Courtesy of Honolulu Board of Realtors
Condominiums
There were 9 luxury condo sales in December, a 35.7% decrease December of last year. The median price was $2,150,000, a 28.3% decrease over last year. On average, condos received 95.5% of their asking price and sold after 35 days on market, 151 days faster than December 2021. The average price per square foot for luxury condos was $1,664.71, 13.4% lower than last year.
December 2022 vs 2021 for Condos $1.8M+
- #sold: 9 vs 14 in 2021 (35.7% decrease)
- Median price: $2,150,000 vs $2,999,500 in 2021 (28.3% decrease)
- DOM: 35 vs 186 in 2021 (151 days faster)
- Listing/sold ratio: 95.5% vs 94.9% in 2021
- % sold at or above asking: 22% at or above listing vs 35% in 2021
- Price per sq ft: $1,664.71 vs. $1,923.01 in 2021 (13.4% decrease)
Highest Sold Condo in December
Waiea, Kaka’ako
4 bedrooms | 4.5 baths | 3,250 square feet living
Why this property is spectacular: Contemporary open-concept floor plan complete with double-height atrium, luxury finishes, and large expansive lanais on each level. Enjoy your own private walkway entry directly from your parking stalls and a spectacular sky lanai with ocean and harbor views, as well as two spacious storage units.
Sold at: $4,400,000 after 8 days on market to local buyers.
Picture Courtesy of Honolulu Board of Realtors
Each quarter, we provide updates of the neighbor islands of Kauai, Maui, and Hawaii Island.
Kauai Market Update & Top Sales
SFH Stats November 2022 vs November 2021
- 8 sold, down 58% from 19
- Median Price $1,812,500, up 1% from $1.79M
- $1,205/sq ft, up 7% from $1,127
- Selling for 96.7% of list price, compared to 96.2%
- 36 DOM, 19 days slower
- Inventory down 15%, 54 total inventory
- The most active price range is $4,900,000-$5,399,999
Condo Stats November 2022 vs November 2021
- 9 sold, down 53% from 19
- Median Price $1,225,000 down 11% from $1.38M
- $1,030/sq ft, down 8% from $1,124
- Selling for 98.9% of list price, compared to 97.6%
- 14 DOM, 3 days faster
- Inventory up 50%, 51 total inventory
- The most active price range is $950,000-$999,999
Single-Family Home Top Sale of the Fourth Quarter
Hanalei
4 bedrooms | 4 bathrooms | 4,694 square feet interior | 225+ acres land
Why this property is spectacular: The Hanalei Bison Ranch includes one residential dwelling, set high on a bluff with incredible views of Hanalei valley, mountains and the ocean. There are also 2 barns, 4 wells, and the ability to build at least four more residential dwellings and two guest houses. Bison, fish and fruit are grown and raised on site.
Sold at: $18,100,000 in December after 385 days to an investor from New York.
Picture courtesy of Redfin.com
Condo Top Sale of the Fourth Quarter
Koloa Landing at Poipu Beach, Koloa Beach
3 bedrooms | 3 bathrooms | 1,724 square feet interior
Why this property is spectacular: This is the pinnacle of island resort living with mountain, ocean horizon, and tropical resort views in every direction. This fully furnished unit features ceiling to floor glass pocket window doors, gourmet chef’s kitchen, and indoor/outdoor living with lanai.
Sold at: $2,450,000 in December after 192 days to an investor from South Dakota.
Picture courtesy of Redfin.com
Maui Market Update & Top Sales
SFH Stats November 2022 vs November 2021
- 15 sold, down 44% from 27
- Median Price $1,810,000, down 25% from $2.42M
- $917/sq ft, down 17% from $1,111
- Selling for 96.9% of list price, compared to 98%
- 94 DOM, 12 days faster
- Inventory up 48%, 136 total inventory
- The most active price range is $1,500,000-$1,599,999
Condo Stats November 2022 vs November 2021
- 25 sold, down 26% from 34
- Median Price $1,595,000, down 29% from $2.25M
- $1,525/sq ft, up 4% from $1,460
- Selling for 97.3% of list price, compared to 100%
- 82 DOM, 14 days slower
- Inventory up 129%, 78 total inventory
- The most active price range is $1,500,000-$1,599,999
Single-Family Home Top Sale of the Fourth Quarter
Makena, Kihei
5 bedrooms | 8 bathrooms | 8,395 square feet interior | 1.09 acres of land
Why this property is spectacular: This James Colt masterpiece is beyond a typical smart home with impeccable attention to detail complimented by tropical landscaping and fruit trees. Features include Smart Glass, automatic window coverings & shades, butler pantry, Wolfe & Miele appliances, sliding glass doors.
Sold at:$28,500,000 in October to 205 days to investors from Washington state.
Picture courtesy of Redfin.com
Condo Top Sale of the Fourth Quarter
Wailea Beach Villages, Kihei
3 bedrooms | 3.5 bathrooms | 2,931 square feet interior
Why this property is spectacular: This ground level Villa has an ocean view and single level living that features one of the largest garden areas, complete with private plunge pool. This palatial unit feels like an ocean front home, boasting dual zero edge pocketing doors to capitalize on the indoor outdoor lifestyle, and a one car garage.
Sold at: $11,575,000 in November after 56 days to a family from Texas.
Picture courtesy of Redfin.com
Hawaii Island Market Update & Top Sales
SFH Stats November 2022 vs November 2021
- 20 sold, down 17% from 24
- Median Price $2,325,000, up 55% from $1.5M
- $779/sq ft, up 9% from $714
- Selling for 94.3% of list price, compared to 97.7%
- 43 DOM, 27 days slower
- Inventory up 88%, 120 total inventory
- The most active price range is $1,300,000-$1,399,999
Condo Stats November 2022 vs November 2021
- 13 sold, down 24% from 17
- Median Price $1,217,000, up 3% from $1.18M
- $679/sq ft, down 17% from $821
- Selling for 95.6% of list price, compared to 100%
- 38 DOM, 33 days slower
- Inventory up 59%, 51 total inventory
- The most active price range is $950,000-$999,999
Single-Family Home Top Sale of the Fourth Quarter
Ke Kailani
4 bedrooms | 4.5 bathrooms | 4,542 square feet interior | 1.28 acres land
Why this property is spectacular: Prime location with the utmost privacy, stunning ocean, mountain and fairway views with renowned Rohn Marvick’s open Hawaiian design. Brazilian Mahogany hardwood floors, inlaid with artist petroglyph border in the office, African and Sepele wood ceilings.
Sold at: $9,999,500 in November after 174 days to an investor from Chicago.
Picture courtesy of Realtor.com
Condo Top Sale of the Fourth Quarter
Villas at Mauna Kea, Kamuela
3 bedrooms | 2.5 bathrooms | 2,684 square feet interior
Why this property is spectacular: Situated on a knoll with ocean/sunset and coastline views over vacant HOA land, this unit offers over sized rooms, swimming pool, private gated courtyard, detached garage, and a short stroll to the Mauna Kea Beach Hotel and Kauna’oa Bay’s white sand swimming beach.
Sold at: $5,695,000 in November before listing to an investor from Washington state.
Picture courtesy of Redfin.com
Source: State Tax Office & Bureau of Conveyances; Title Guaranty
To discuss the market in your area or the value of your home, please call our office at (808) 593-9826 or email concierge@caronb.com
Caron Davis, Realtor
(808) 286-5256