Oahu Luxury Real Estate Update
Luxury Home Overview
February was a slow month for Oahu luxury real estate. Sales volume in the luxury home market decreased 20% compared to January, the lowest number of sales since January 2024. However, there are 43 properties in escrow in the $1,800,000-$2,999,999 price range, up 53% from last month. There was no change in median price but price per square foot dropped 14% from last month.
About the same percentage of luxury homes sold at or above the listing price and homes received about the same proportion of the asking price as in January. There were fewer price changes in February than in January; luxury homes sold 14 days faster, on average. Other than the aforementioned large increase in pending sales in the $1.8M-$2.9M, there was little change in inventory or escrows.
Luxury Condo Overview
The luxury condo also saw a significant decrease in sales volume in February, down 57% to 6 sales. As with luxury homes, there was a notable increase in pending sales in the $1,800,000-$2,999,999 price range, so more sales are expected in March. While there were no sales for full asking price and a large decrease in the list price to sold price ratio, median price increased over 43% and price per square foot went up nearly 24%.
Median price reached $3,535,000, the highest since May 2023. There were no price reductions in February. Luxury condos sold much more slowly than in the past couple of months. Other than the noted increase in pending sales in the $1.8M-$2.9M, there was little change in inventory or escrows.
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
