Oahu Luxury Real Estate Update
Luxury Home Overview
May was a busy month for Oahu luxury homes. After a dip in sales in April, it appears that lessons were learned about how the market changed. Pricing strategies were likely revised, which led to luxury homes selling much more quickly. Luxury homes sold after an average of 36 days on market, the fastest since August 2022. Sales volume increased 13.5% to 42 sales. Median price rose to $2,470,000, up 7.4% from April.
However, price per square foot decreased by 13.7%. In April, nearly a third of luxury homes had price reductions. Comparatively, in May, 9.5% of properties had price reductions. Luxury homes also received a higher proportion of the asking price and a larger proportion of homes sold at or above asking price. Inventory has gone up notably in the $1.8M-$2.9M range. Available and pending sales decreased in the $3M-$5.9M range; there was little change in active and pending sales in the other price ranges.
Luxury Condo Overview
Unlike the luxury home market, luxury condos experienced a very large drop in sales volume in May to 8 sales. Median price also decreased, down 5% from last month. However, there were positive changes in other measures of market activity. Luxury condos sold 54 days faster than in April. Price per square foot rose over 55% from last month, attributed to two sales at Waikiki Shore with a price per square foot over $5,000.
Luxury condos also received a higher proportion of the asking price and a larger proportion of condos sold at or above asking price. Price reductions decreased with condos as well, accounting for 37.5% of sales in May, down from 46.6% in April. There was little change in available condos or pending sales across all price ranges. In May, the top sale was for $13M; there had not been a condo sale over $10M in more than a year and a half.
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
