Oahu Luxury Real Estate Update
Luxury Home Overview
Despite a small drop in sales from May, the Oahu luxury single-family home market remained fairly strong June. While median price decreased about 1%, price per square foot increased over 30% from last month. Luxury homes took nearly twice as long to sell in June as they did in May, with a DOM of 67. In June of 2024, luxury homes sold after an average of 68 days. The longer days on market is likely related to the significant rise in price reductions last month.
Almost a third of homes had their list price reduced in June compared to about 10% in May. Fewer homes sold at or above asking price and there was a lower listing to sold ratio in June than in May. However, when luxury homes are priced well, they sell more quickly and don’t require price reductions: homes that sold at or above asking price had an average DOM of 43. Available inventory in the $1.8-$2.9M range increased by 27 month-over-month; there was little change in available or pending listings in the other price ranges.
Luxury Condo Overview
The luxury condo market saw a 50% increase in sales volume from May to June. Sales at Victoria Place continue to comprise a large proportion of luxury condo sales; five of the 12 sales last month were at Victoria Place. Median price increased over 27% from last month while price per square foot dropped by nearly 25%. Although the same percentage of luxury condos sold at or above asking price in June as in May, the listing to sold ration dropped over 3 percentage points.
Luxury condos that sold in June sat on the market for a long time, with an average DOM of 171. Price reductions increased with condos as well, accounting for 41.6% of sales in June, up from 37.5% in May. Available inventory decreased in the $1.8-$2.9M range; there was little change in available or pending listings in the other price ranges.
Click through the report below for the full update on what happened in Oahu luxury real estate in April.
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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
