The Oahu real estate market and the luxury market continue to see low inventory, which has led to decreases in the number of properties sold. Despite this, it is still a very strong market. Two-thirds of single-family homes and 60% of condos sold at or above asking price. When priced correctly, homes are selling quickly and still getting top dollar. We just closed a home in Kahala that sold above asking price after only 4 days on market and is now the highest sold home on the street. Strategical pricing is essential in the market right now. It’s both a science and an art, and with Caron and Doug’s 70+ years of experience in real estate, we’ve perfected this skill and are getting record-breaking prices across neighborhoods for our clients.
Single-Family Homes
In July, 45 homes sold at or above $1.8M This is a small decrease from July of 2021 but it is still high compared to pre-pandemic levels. There are many interested buyers, but inventory remains low. The median price was $2,329,000, down 11.2% compared to July 2021. Homes sold after an average of on 38 days on market, 6 days faster than last July. Price per square foot was $1,035.94, up 11.2% from last year. Homes sold for 99.9% of their asking price, on average, and 67% of them sold at or above asking price.
July 2022 vs 2021 for SFH $1.8M+
- #sold: 45 vs 51 in 2021 vs (11.7% decrease)
- Median price: $2,329,000 vs $2,625,000 in 2021 (11.2% decrease)
- DOM: 38 vs 44 in 2021 (6 days faster)
- Listing/sold ratio: 99.9% vs 100% in 2021
- % sold at or above asking: 67% at or above listing vs 47% in 2021
- Price per sq ft: $1,035.94 vs $931.06 in 2021 (11.2% increase
Highest Sold Single-Family Home
Sunset/Velzy, North Shore
5 bedrooms | 5 baths | 2 half baths | 5,035 square feet living | 28,227 square feet land
Why this property is spectacular: This modern home boasts ocean views from one of the most sought-after neighborhoods on the North Shore. It sits on over half an acre of land and has multiple lanais, owned PV and a solar heater, and granite and marble flooring.
Condominiums
There were 11 luxury condo sales in July, up about 20% from last year. The median price decreased slightly to $2,450,000. Condos received 96.4% of their asking price and sold after 47 days on average. This is significantly faster than they have been selling during than past few months. The average price per square foot for luxury condos was $1,705.13, a slight increase over last July.
July 2022 vs 2021 for Condos $1.8M+
- #sold: 11 vs 9 in 2021 (22.2% increase)
- Median price: $2,350,000 vs $2,450,000 in 2021 (4% decrease)
- DOM: 47 vs 110 in 2021 (63 days faster)
- Listing/sold ratio: 96.4% vs 97.3% in 2021
- % sold at or above asking: 36% at or above listing vs 44% in 2021
- Price per sq ft: $1,705.13 vs $1,637.59 in 2021 (4% increase)
Highest Sold Condo
Hokua, Ala Moana
3 bedrooms | 3 baths | 3,512 square feet living
Why this property is spectacular: This 34th floor double unit offers spectacular Diamond Head, ocean, and sunset views. It features a large living area, open kitchen, and was sold fully furnished by a professional designer.
Sold at: $6,200,000 after 457 days on market to a couple from the Bay Area of California.
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
