Oahu Luxury Real Estate Update
Luxury Home Overview
The Oahu luxury home market started off the year with a slight drop in sales compared to December. Although there was a 10% increase in median price and price per square foot rose almost 30% month-over-month, the statistics indicate that adjustments are necessary. Thirty percent of homes had price reductions, homes received a lower percentage of their asking price, and a lower proportion of homes sold at or above asking price. The market moved more slowly as well; it took 50% longer for luxury homes to sell.
Home sales continue to be at the lower end of the luxury range, with 73% of sales in the $1,800,000-$2,999,999 price range, 23% in the $3,000,000-$5,999,999 range, and one only sale over $6,000,000. There was little change in inventory or pending sales, with the exception of the $3,000,000-$5,999,999 range, which saw a 71% increase in pending sales.
Luxury Condo Overview
The Oahu luxury condo market kicked off the year with the highest number of sales since July 2023, up 40% from last month. Half of these sales were at Victoria Place, the newest Ward Village condo. Luxury condos sold almost 50% faster than in December, selling after only 25 days on market, the shortest number since May 2020.
However, pricing metrics showed month-over-month decreases. Median price dropped 10%, a fewer percentage of condos sold at or above asking price, price per square foot decreased about 4% and there were more price reductions. The listing to sale price ratio is the only pricing statistic that increased from December to January. There was almost no change in inventory of available condos but pending sales decreased $1,800,000-$2,999,999 price range and increased in the $3,000,000-$5,999,999 range.
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
