The number of luxury single-family homes and condos decreased compared to November and the past several months. Median price and price per square foot were down 5% and 7% respectively for luxury homes. While it initially appears that homes sold more slowly in December, the Cumulative Days on Market is nearly identical. This measure includes previous attempts to sell with either a different agent or sale by owner; both measures are useful.
For luxury condos, the median price dropped significantly in December compared to November. However, the luxury condo price in November was unusually high for the year and December’s price is similar to September and October. Luxury condos sold after 56 days on market, 41 days faster than November and the fastest since January 2023. However, CDOM for December was actually 5 days slower than November
Whether you are selling or buying Hawaii luxury real estate, it’s essential to work with an experienced, knowledgeable realtor who can guide you through the current market. Expert pricing and negotiation are key strengths of the realtors at Caron B Realty and have allowed us to bring record-breaking sales and multiple offers on our client’s listings. 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
Single-Family Homes
SFH December 23 vs November 23 $1.8M+
- #sold: 21 vs 30 (down 30%)
- Median price: $2,350,000 vs. $2,490,000 (down 5.6%)
- DOM: 65 vs 50 (15 days slower) | CDOM 71 vs. 70 (1 day slower)
- Listing/sold ratio: 95.5% vs 98.4%
- % sold at or above asking: 24% at or above listing vs 43%
- Price per sq ft: $933.76 vs $1,006.01 (down 7.1%)
Highest Sold Single-Family Home
Waialae Iki, Diamond Head
5 bedrooms | 5.5 bathrooms | 3,944 sq ft living | 16,522 sq ft land
Why this property is spectacular: Hypnotizing, dramatic, & expansive ocean views spanning from Koko Kai to Diamond Head await you from this rim lot. Built in 2020, features include engineered hardwood floors, an expansive open floor plan, a gourmet kitchen with stainless steel appliances & quartzite countertops, a grand primary suite w/endless ocean views, owned PV system & 2 Tesla Powerwalls. Relax on the covered lanai while savoring the breathtaking unobstructed views.
Sold at: $5,550,000 after 251 days on market to a local buyer.
Condominiums
Condos December 23 vs November 23 $1.8M+
- #sold: 13 vs 10 (up 30%)
- Median price: $3,000,000 vs $2,210,000 (up 35.7%)
- DOM: 97 vs 113 (16 days faster)
- Listing/sold ratio: 94.2% vs 96.4%
- % sold at or above asking: 7% at or above listing vs 30%
- Price per sq ft: $2,086.22 vs. $2,077.87 (no change)
Highest Sold Condo
Trump Tower Waikiki
3 bedrooms | 2.5 baths | 1,972 sq ft living
Why this property is spectacular: Premier, fully furnished 3-bedroom/2.5-bath corner unit in Trump Tower Waikiki. Most desired #09 suite with exhilarating views of the ocean, coastline, mountain, and beautiful sunsets from the 31st floor. This is a great opportunity to own or rent this move-in ready/turn-key vacation home and live in ultimate luxury. Hotel amenities include an infinity pool, fitness gym, concierge, valet parking, spa, and restaurant with in-room dining service. Located in close proximity to the center of Waikiki, with the beach nearby.
Sold at: $4,600,000 after 16 days on market to a company in Japan.
Source: State Tax Office & Bureau of Conveyances
Pictures from Honolulu Board of Realtors
