Oahu Luxury Real Estate Update
Luxury Home Overview
The Oahu luxury single-family home market experienced a major boost in activity in March, including the highest sale in Oahu’s history on Kahala Ave. Sales volume increased over 84% to the highest number of sales since August 2022. Median price increased over 18%, reaching the highest price since August 2024; price per square foot rose nearly 33%. More than 50% of luxury homes sold at or above their list price, a proportion we haven’t seen in several months.
There were fewer price changes in March and homes sold more quickly than last month. There was a slight decrease in inventory in the $1.8M-$2.9M range, as well as a small decrease in pending sales in the $3M-$5.9M range. There was little change in inventory or escrows in the other price ranges.
Luxury Condo Overview
The Oahu luxury condo market also saw a turnaround in sales volume in March, up 116% over February. A major part of this increase is from sales at Victoria Place, which comprised 46% of March’s luxury condo sales. While the median price dropped over 40% to $2,100,000 and price per square foot decreased over 10%, luxury condos received a higher percentage of the asking price.
Luxury condos took much longer to sell than in February, and longer than the last few months on average. The days on market was 176 days, the longest since January 2022, influenced by several very long sales including a unit at Anaha that took 792 days and a unit at the Ritz Carlton Waikiki that took 419 days. There was very little change in available inventory or pending sales of luxury condos in any of the price ranges.
Click through the report below for the full update on what happened in Oahu luxury real estate in March.
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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
