The luxury home market saw a dip in sales last month, but it is still high compared to pre-pandemic levels when the average was about 20 luxury home sales. Inventory continues to be low, so despite there being high interest from buyers, there are not enough homes available. Luxury condos had a more positive month, with an increase in sales and price/sq ft compared to last September, as well as a big increase in sales over August of this year.
Single-Family Homes
In September, 31 homes sold at or above $1.8M, a 41.5% decrease from September of 2021. The median price was $2,500,000, a slight decrease compared to last September. Homes sold after an average of on 43 days on market. Price per square foot was $1,028.82, down 11.5% from last year. Homes sold for 98% of their asking price, on average, and 31% of them sold at or above asking price.
September 2022 vs 2021 for SFH $1.8M+
- #sold: 31 vs 53 in 2021 vs (41.5% decrease)
- Median price: $2,500,000 vs $2,547,000 in 2021 (1.8% decrease)
- DOM: 43 vs 49 in 2021 (6 days faster)
- Listing/sold ratio: 98% vs 101% in 2021
- % sold at or above asking: 31% at or above listing vs 56% in 2021
- Price per sq ft: $1,028.82 vs $1,053.67 in 2021 (2.3% decrease)
Highest Sold Single-Family Home in September
Koko Kai, Hawaii Kai
6 bedrooms | 6.5 bathrooms | 7,851 square feet living | 18,150 sq ft land
Why this property is spectacular: A beautifully finished oceanfront estate with impressive 2-story high glass slider off large living room that opens to your private, wrap-around pool, hand-crafted lanai and large flat lawn, offering unobstructed and panoramic views of the ocean and Diamond Head. This exclusive waterfront retreat has a wonderful indoor-outdoor feel with direct water access.
Sold at: $9,200,000 after 189 days on market to an investor from Taiwan.
Picture Courtesy of Honolulu Board of Realtors
Condominiums
There were 9 luxury condo sales in September, a 12.5% increase over September of last year. The median price was $3,047,500, no change from last year. This is the highest median price since January. On average, condos received 97.5% of their asking price and sold after an average of 41 days on market. The average price per square foot for luxury condos was $2,204.67, up 12.7% from September 2022.
September 2022 vs 2021 for Condos $1.8M+
- #sold: 9 vs 8 in 2021 (12.5% increase)
- Median price: $3,047,500 vs $3,050,000 in 2021 (no change)
- DOM: 84 vs 41 in 2021 (43 days slower)
- Listing/sold ratio: 97.6% vs 96.4% in 2021
- % sold at or above asking: 22% at or above listing vs 25% in 2021
- Price per sq ft: $2,204.67 vs. $1,955.50 in 2021 (12.7% increase)
Highest Sold Condo in September
Waiea, Kaka’ako
3 bedrooms | 3.5 baths | 2,675 square feet living
Why this property is spectacular: Penthouse #3402 is a 2,675 sf 3-bedroom, 3.5-bathroom plus den residence with 12 ft ceilings, with picturesque views of Diamond Head and Ala Moana Beach Park. Enjoy luxury amenities including poolside cabanas by the infinity-edged ocean-view pool and hot tub, and outdoor resident BBQ pavilions.
Sold at: $7,500,000 after 274 days on market to a Japanese businessman and former Nintendo graphic designer.
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 August 2022 vs August 2021
- 6 sold, down 63% from 16
- Median Price $2,850,000, up 40% from $2.03M
- $1,236/sq ft, up 15% from $1,074
- Selling for 90.4% of list price, compared to 97.5%
- 11 DOM, 48 days faster
- Inventory down 21%
- The most active price range is $3,400,000-$3,899,999
Condo Stats August 2022 vs. August 2021
- 15 sold, up 15% from 13
- Median Price $1,560,000 up 4% from $1.5M
- $1,102/sq ft, up 23% from $896
- Selling for 97.6% of list price, compared to 96.2%
- 14 DOM, 10 days faster
- Inventory up 50%
- The most active price range is $3,500,000+
Single-Family Home Top Sale of the Third Quarter
Hanalei
3 bedrooms | 3.5 bathrooms | 2,192 square feet interior | 7,984 square feet land
Why this property is spectacular: This completely renovated home is just steps from Hanalei Beach and offers beautiful ocean and mountain views. Special features include guest suites, outdoor dining/BBQ and outdoor showers, and a private courtyard.
Sold at: $6,495,000 in August after three days on market to an investor from California.
Picture courtesy of Redfin.com
Condo Top Sale of the Third Quarter
Hanalei
4 bedrooms | 5 bathrooms | 5,752 square feet interior
Why this property is spectacular: This property, known as Hale Mala’e, was the 2015 winner of HGTV’s Ultimate House Hunt. It boasts spectacular, unobstructed ocean and mountain views, a 50-foot saltwater pool, great entertaining space, and a guest residence. The sale included units A and B/two TMK parcels.
Sold at: $13,750,000 in July after 4 days on market to a couple from New York.
Picture courtesy of Redfin.com
Maui Market Update & Top Sales
SFH Stats August 2022 vs August 2021
- 26 sold, down 13% from 30
- Median Price $1,947,500, down 24% from $2.58M
- $1,027/sq ft, up 20% from $859
- Selling for 97% of list price, compared to 99%
- 81 DOM, 2 days faster
- Inventory up 33%
- The most active price range is $2,200,000-$2,3999,999
Condo Stats August 2022 vs August 2021
- 28 sold, down 22% from 36
- Median Price $1,672,500, down 5% from $1.77M
- $1,522/sq ft, up 8% from $1,407
- Selling for 98.5% of list price, compared to 100%
- 97 DOM, 18 days slower
- Inventory up 204%
- The most active price range is $1,400,000-$1,499,999
Single-Family Home Top Sale of the Third Quarter
Makena, Kihei
3 bedrooms | 4 bathrooms | 7,102 square feet interior | 5.26 acres of land
Why this property is spectacular: This property is set on over 5 acres in Maui’s upcountry and offers magnificent bi-coastal views.
Sold at: $9,875,000 in July before listing to an art dealer and his wife who split their time between Maui and New York City.
Picture courtesy of Redfin.com
Condo Top Sale of the Second Quarter
Makena Golf & Beach Club, Kihei
4 bedrooms | 4.5 bathrooms | 4,817 square feet interior
Why this property is spectacular: The Makena Golf & Beach Club is set on over 1,800 acres spanning from the coast to the leeward slopes of Haleakala. This private club offers residences with stunning views, beachside luxury, and golf course and beach club.
Sold at: $9,200,000 in August before listing to an investor from Washington.
Picture courtesy of Makenagolfandbeachclub.com
Hawaii Island Market Update & Top Sales
SFH Stats August 2022 vs August 2021
- 17 sold, down 37% from 27
- Median Price $1,800,000, up 10% from $1.63M
- $770/sq ft, up 4% from $741
- Selling for 95.5% of list price, compared to 99.4%
- 26 DOM, 6 days slower
- Inventory up 111%
- The most active price range is $9,000,000+
Condo Stats August 2022 vs August 2021
- 16 sold, no change
- Median Price $1,483,750, up 11% from $1.34M
- $767/sq ft, up 7% from $715
- Selling for 100% of list price, no change
- 8 DOM, 4 days slower
- Inventory up 34%
- The most active price range is $4,500,000+
Single-Family Home Top Sale of the Third Quarter
Kukio, Kailua-Kona
5 bedrooms | 5.5 bathrooms | 6,069 square feet interior | 1.47 acres land
Why this property is spectacular: This custom, beach style residence features expansive coastline views and indoor-outdoor living at its finest. There are two detached guest suites and a separate garage for golf carts.
Sold at: $17,500,000 in September before listing to an investor from Ohio.
Picture courtesy of Redfin.com
Condo Top Sale of the Third Quarter
Na Hale at Kahikole, Kailua-Kona
4 bedrooms | 4.5 bathrooms | 2,571 square feet interior
Why this property is spectacular: Enjoy ocean, Maui, and golf course views from this recently updated Hualalei Resort property. It features artisan furnishings, designer light fixtures, and mahogany trim and a furnished outdoor living area.
Sold at: $8,000,000 in August before listing to an investor from Arizona.
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