Single-Family Homes
In May, 54 homes sold at or above $1.8M, although it is a slight decrease from May of 2021, it is still very high and is likely due to the continued lack of inventory. The median price was $2,397,500, a small decrease of 6% over May 2021. Homes sold after an average of on 47 days on market, 23 days faster than last May. Price per square foot was $982.93. Homes sold for 99% of their asking price, on average, and 57% of them sold at or above asking price.
May 2022 vs 2021 for SFH $1.8M+
- #sold: 54 vs 57 in 2021 vs (5% decrease)
- Median price: $2,397,500 vs $2,550,000 in 2021 (6% decrease)
- DOM: 47 vs 70 in 2021 (23 days faster)
- Listing/sold ratio: 99.2% vs 101% in 2021
- % sold at or above asking: 57% at or above listing vs 63% in 2021
- Price per sq ft: $982.93 vs $1,004.53 in 2021 (2% decrease)
Highest Sold Single-Family Home
Lanikai, Kailua
5 bedrooms | 6.5 baths | 6,296 square feet living | 2.6 acres of land
Why this property is spectacular: This spacious Lanikai hillside estate home sits on over 2.5 acres of land near Secret Beach. It was designed by House Concepts & award-winning architect James McPeak and boasts ocean, mountain, and sunrise views.
Condominiums
There were 16 luxury condo sales, up 33% compared to May 2021; they sold for a median price of $2,550,000. Condos received 97.4% of their asking price and 37.5% of the sold at or above asking price. Condos sold after 120 days on average. The average price per square foot for luxury condos was $1,781.76, up 16% from last year.
May 2022 vs 2021 for Condos $1.8M+
- #sold: 16 vs 12 in 2021 (33% increase)
- Median price: $2,550,000 vs $2,489,500 in 2021 (2.4% increase)
- DOM: 120 vs 101 in 2021 (19 days slower)
- Listing/sold ratio: 97.4% vs 96% in 2021
- % sold at or above asking: 37.5% at or above listing vs 16.7% in 2021
- Price per sq ft: $1,781.76 vs $1,527.75 in 2021 (16.6% 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
