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Oahu Luxury Market Update & March 2023 Top Sales

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The real estate market is moving very quickly and comparing a month’s numbers to that of the same month in the previous year is no longer relevant and doesn’t give a clear picture of what is going on. Instead, these statistics compare March to February so you can see how the market has changed just this year so far. The luxury single-family home market held steady in March with very similar statistics as in February. The luxury condo market saw an increase in median price and condos sold more quickly than last month. Both markets had ultra-luxury sales over $10 million, which haven’t been as common in recent months.

Whether you are selling or buying, 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

March 2023 vs. February 2023 for SFH $1.8M+

  • #sold: 37 vs 36 (up 2.7%)
  • Median price: $2,365,000 vs $2,394,000 (down 1.2%)
  • DOM: 70 vs 66 (4 days slower)
  • Listing/sold ratio: 96.8% vs 95.9%
  • % sold at or above asking: 35% at or above listing vs 36%
  • Price per sq ft: $1,094.15 vs $1,064.14 (up 2.8%)

Highest Sold Single-Family Home

Kahala, Diamond Head
5 bedrooms | 5 full baths | 2 half baths | 9,896 sq ft living | 1.29 acres land

Why this property is spectacular: This stately residence spans from street to ocean and showcases a staggering 171 linear feet of unparalleled ocean frontage. The sprawling home offers over 9,800 sq ft of interior living that seamlessly connects to an expansive oceanfront covered lanai creating a true sense of indoor/outdoor living amidst entertaining spaces throughout. A gated entry leads to a vast driveway with motor court, garden areas and a sizable 4-car garage.

 Sold at: $15,000,000 after 40 days on market to investors from California.

 

Condominiums

March 2023 vs February 2023 for Condos $1.8M+

  • #sold: 9 vs 9 (no change)
  • Median price: $2,430,000 vs $2,250,000 (up 8%)
  • DOM:87 vs 107 (20 days faster)
  • Listing/sold ratio: 96.8% vs 97.6%
  • % sold at or above asking: 33% at or above listing vs 66%
  • Price per sq ft: $2,145.42 vs. $2,300.77 (down 6.7%)

 

Highest Sold Condo

Park Lane, Ala Moana
4 bedrooms | 4.5 baths | 4,125 sq ft living

Why this property is spectacular: This designer residence lives like a single-family home oasis in the heart of the city with amazing views of ocean, marina, & Ala Moana Beach Park. Designer features include 10-foot ceilings, Studio Becker cabinets, Caesarstone premium quartzite counter tops, Subzero and Wolf appliances & so much more! Resort style amenities include heated pool, whirlpool spa, movie theatre, BBQ cabanas, events rooms, wine storage & tasting room, massage rooms, yoga studios, fitness center & more.

Sold at: $12,400,000 after 362 days on market to a businessman from New York.

 

Source: State Tax Office & Bureau of Conveyances