Single-Family Homes
In February, 41 homes sold at or above $1.8M. This remains well above the pre-pandemic and early 2020 averages. The median price of $2,600,000 is a 12.2% increase over last February; there was a large increase of 38% in price per square foot. Homes sold after an average of 33 days on market. This is the second fastest DOM we’ve seen since we started tracking data in 2017. Another indicator of the strength of the market is that 71% of homes sold at or above asking price, the highest proportion we’ve seen in our data.
February 2022 vs 2021 for SFH $1.8M+
- #sold: 41 vs 34 in 2021 vs (20.6% increase)
- Median price: $2,600,000 vs $2,317,500 in 2021 (12.2% increase)
- DOM: 33 vs 86 in 2021 (53 days faster)
- Listing/sold ratio: 102% vs 97.4% in 2021
- % sold at or above asking: 71% at or above listing vs 35% in 2021
- Price per sq ft: $1,230.96 vs $890.23 in 2021 (38.3% increase)
Highest Sold Single-Family Home
Kahala, Diamond Head
4 bedrooms | 4.5 bathrooms | 5,744 square feet living | 21,519 square feet land
Why this property is spectacular: This award winning Kahala oceanfront estate is a private retreat with spectacular views and luxurious indoor-outdoor living. Its special features include a Gaggenau kitchen, a floating stairway, an infinity saltwater pool, and a gym, yoga room, and sauna.
Condominiums
There were 12 luxury condo sales, up 33% over the 9 that sold in 2021. While the median price of $2,050,000 is quite a bit lower than in February of last year, condos received nearly 97% of their asking price and 42% of them sold at or above asking price. Condos sold after 101 days on average. This is about twice as fast as we’ve seen during the past three months; 2 condos sold after only 3 days.
February 2022 vs 2021 for Condos $1.8M+
- #sold: 12 vs 9 in 2021 (33.3% increase)
- Median price: $2,050,000 vs $3,068,000 in 2021 (49.7% decrease)
- DOM: 101 vs 185 in 2021 (84 days faster)
- Listing/sold ratio: 96.9% vs 93.5% in 2021
- % sold at or above asking: 42% at or above listing vs 0% in 2021
- Price per sq ft: $1,517.88 vs $1,523.10 in 2021 (negligible change)
Highest Sold Condo
Nauru Tower, Kaka’ako
0 bedroom | 1 bath | 10,740 square feet living
Why this property is spectacular: This condo has unobstructed ocean views, a private elevator, high ceilings and exclusive use of 30 parking stalls. It can be subdivided into multiple condo units, leased or used as offices, various commercial uses, a wedding venue or a restaurant.
Sold at: $5,500,000 after 36 days on market to a local plastic surgeon.
Source: State Tax Office & Bureau of Conveyances
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
