Oahu Luxury Real Estate Update
Luxury Home Overview
The Oahu luxury real estate market ended the year with a little more activity among luxury homes and a surge in median price of luxury condos. After November’s drop in activity, there was a little more movement in the Oahu luxury home market in December. Sales volume increased about 7% from November. While there was no change in median price from last month, luxury homes received a higher proportion of their asking price, and a greater percentage of homes sold at or above asking price. It took slightly longer for homes to sell in December than in November, but the average days on market was 50, which is still quite fast for the luxury market.
All but five sales were in the $1,800,000-$2,999,999 price range and there were no sales above $6,500,000. A quarter of luxury sales had price reductions. Inventory decreased notably in the $1,800,000-$2,999,999 range, while the $3,000,000-$5,999,999 range saw a slight increase and the other ranges saw little change. Pending sales also decreased significantly in the $1,800,000-$2,999,999 range, but little movement in other price ranges.
Luxury Condo Overview
After a recent high in sales volume of luxury condos in November, sales decreased 23% in December. While median price increased significantly, up 36.8% from last month, luxury condos received a lower percentage of asking price and fewer condos sold at or above asking than in November.
Luxury condos sold 70% faster in December than November, reaching the shortest days on market since September 2023. Note that the DOM in November was artificially high, skewed by a unit at Victoria Place that is listed as having taken 1,808 days to sell. Only one of the ten sales had price reductions. Inventory increased slightly in all price ranges, while there was little change in pending sales.
Click through the report below for the full update on what happened in Oahu luxury real estate in October.
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Your Luxury Hawaii Real Estate Experts
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. These skills 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
